Neptune Marine to Acquire Ross Deeptech
Ross Deeptech generates annual revenue of almost £10 million and EBITDA of £2.1 million, and the business will be immediately earnings per share accretive to Neptune upon settlement. This is expected to be in January 2008.
To acquire Ross Deeptech, Neptune proposes to make a one-off payment of approx. £11 million (A$25 million) plus an adjustment for any land not to be acquired, once satisfactory due diligence has been completed and a formal sale agreement is entered into. The acquisition will be funded by way of an equity capital rising, the details of which will be finalized as the transaction progresses.
Ross Deeptech manufactures specialist subsea and offshore oil and gas equipment. It also provides support services for production, drilling, diving, construction and intervention projects in deepwater areas such as west of Shetland, Norway, Gulf of Mexico, West Africa, Canada, Egypt and Australia. The business has a team of 95 people operating in four locations throughout the UK. Customers include some of the world's leading blue chip energy corporations and contractors.
Ross Deeptech is also regarded as the industry leader for developers of marine renewable energy projects in the areas of wave and tidal systems and offshore wind projects. The group has experience working with a leading renewable energy technology, Pelamis.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call