Oceaneering International, Inc. (NYSE:OII) announced that one of its wholly owned subsidiaries, Oceaneering AS, has entered into a definitive agreement to acquire Mechanica AS. The transaction is subject to approval by the Norwegian Competition Authority.
Mechanica, headquartered in Stavanger, Norway, is a design and fabrication company specializing in remotely operated subsea tools for the offshore oil and gas industry. For 2010, Mechanica's revenue was approximately $12 million. Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.
For more information, please visit the Mechanica website.