Neptune Completes Acquisition of Ross Deeptech

Neptune Marine Services announces that it has completed the acquisition of Aberdeen based subsea and offshore engineering firm, Ross Deeptech Initiatives Ltd.

Neptune acquired Ross Deeptech with a one-off payment of nearly U.S. $22 million. As announced on Dec. 14, 2007, the acquisition was funded by way of a share placement. As part of the acquisition, all of Ross Deeptech’s 95 full-time employees and senior management will remain with the businss.

Generating annual revenue of almost U.S. $20 million and EBITDA of U.S. $4.2 million, Ross Deeptech is renowned as a manufacturer of 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, the Gulf of Mexico, West Africa, Canada, Egypt, and Australia.

Neptune is also regarded as the industry leader for the development of marine renewable energy projects in the areas of wave and tidal systems and offshore wind projects.

Managing Director and CEO of Neptune Marine, Christian Lange, said the acquisition complemented the company’s current engineering and fabrication capabilities and provided an excellent opportunity for additional expansion into the North Sea and European subsea markets.

"We are very pleased to welcome the Ross Deeptech team to Neptune," Lange said. "Their proven track record, comprehensive blue chip client portfolio and outstanding reputation in the region will be a major asset for the Neptune Group.

"The acquisition also complements our strategy for ongoing expansion of the Neptune Group and adds further value to our model of integrated engineering solutions for the international oil and gas, marine and renewable energy industries."