Oceaneering Finalizes $230M Acquisition of AGR Field Operations
by Oceaneering International, Inc.
Wednesday, December 21, 2011
Oceaneering International, Inc. announced Tuesday its wholly-owned Norwegian subsidiary, Oceaneering AS, closed the previously-announced definitive agreement to acquire AGR Field Operations.
AGR FO is a provider of inspection, maintenance, subsea engineering, and field operations services, principally to the oil and gas industry.
The acquisition price was approximately $230 million, including acquired debt, and was funded with cash and debt from Oceaneering's existing revolving credit facility.
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.
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