Superior Acquisition Part of Subsea Strategy

Subsea construction and commercial diving company Superior Offshore International has entered an agreement to acquire Ocean Flow International for about U.S. $15 million.

Ocean Flow is a private engineering and project-management firm that focuses on deepwater subsea oil and gas developments.

Subject to certain conditions, the Ocean flow acquisition is a stock-for-stock transaction that's expected to be complete by the last quarter of this year.

"This transaction will give Superior significantly greater strength and capabilities in deepwater construction, pipeline engineering and project management," said Superior CEO Jim Mermis. "These added capabilities will enable Superior to pursue a broader range of large-scale projects and will also greatly enhance business development opportunities for the Superior Achiever, a DP III vessel, upon its completion during the second half of 2008."

The Superior Achiever is a multi-service subsea construction vessel that the company has billed as the "key component" in the future development of its deepwater division. At 435 feet, the vessel will boast a diving and working moon pool and multiple cranes with varying lift capacities and depths.