Subspection Acquired By iicorr For Undisclosed Sum

Aberdeen integrity, inspection and corrosion specialist, iicorr Ltd, is celebrating its future expansion after its acquisition of Subspection Ltd for an undisclosed sum. The combined expertise of the two companies will result in a new Business Division in iicorr, creating an industry leading organisation specialising in subsea technical integrity and corrosion solutions. The acquisition, combined with the international growth of iicorr, will result in the firm's estimated recruitment of over 100 people throughout the group during the next 18 months and there will be no redundancies.

Subspection Ltd, based in Alresford & Singapore, employs 30 people and is a provider of cathodic protection survey, consultancy, engineering and subsea sensor equipment to the oil and gas and marine industries. The company will be integrated into iicorr's new cathodic protection services division and aid iicorr's expansion internationally in the area of subsea technical integrity.

George Watson, managing director, iicorr, said: "This is an extremely positive and exciting acquisition for iicorr which position's the company as the market leader in offshore cathodic protection services and subsea technical integrity. The joint expertise will offer class leading support of deepwater assets and aging infrastructures as well as providing a broader and more comprehensive scope of services."

Richard Holt, managing director, Subspection Ltd, added: "The acquisition of Subspection is a logical move for both firms. Our team is looking forward to growing with iicorr in the future with the support of the existing staff and I am certain that we will benefit greatly from the infrastructure already in place at iicorr. The company is now in a leading position in the offshore technical integrity industry and with the current worldwide growth of the subsea market, there is a need for a provider which can offer a complete subsea technical integrity portfolio."