Unique Group, an integrated subsea and offshore solution provider based in Sharjah in the United Arab Emirates, through its subsidiary Unique Maritime Group (SEA) Pte Ltd., reported Monday that it has completed the acquisition of Singapore-based Oceanvision Pte Ltd. and Oceanvision Equipment Services Pte Ltd., the third that Unique has made in the last nine months.
Oceanvision specializes in manufacturing and supplying imaging and intervention products for sub-ocean, marine, offshore and petrochemical industries for use in hazardous areas and harsh environments.
The latest acquisition is part of a strategy announced by Unique's Chairman and CEO Harry Gandhi last year to grow the business in line with customer requirements and market opportunities.
"Opening an office in Singapore is an important milestone for the business ... the team at Oceanvision provide us an immediate presence in the area and with this company’s strong reputation and history, their fit within Unique Group is excellent," Gandhi said in the press release.
The firm will invest around $6.6 million (GBP 5 million) in the newly acquired entities to provide its customers access to the full offering across our group divisions and companies. Unique will also strengthen its engineering base to provide full on-site engineering services to the region as well providing capital expenditure (CAPEX) for the diving and survey divisions to enhance their stock in the area.
"We also plan to recruit key personnel in the area, however, the day-to-day running of the business will be continued by the current team at Oceanvision, led by Founder, Ian Johnson," Harry added.
"This is an exciting time for Oceanvision as we become part of the globally respected Unique Group. I, and the team, look forward to working with our new colleagues at Unique. The additional products and services we can now offer will be advantageous for our current customers and provide new opportunities that exist in the area," Svein Gunderson, engineering manager commented.
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