Oceaneering Acquires Rotator AS

Oceaneering International has acquired Rotator AS, the premier designer and manufacturer of subsea control valves, topside control valves, subsea chemical injection valves, and specialty control panels. With annual revenues of approximately $16 million, Rotator will add another dimension to Oceaneering's Subsea Products segment.

Located in Norway, Rotator AS is an established market leader with a solid reputation for high quality products rated for water depths in excess of 10,000 feet. Rotator's on-site research and development, deepwater testing facilities, and precision manufacturing have given its products a high reliability rating, which is absolutely essential to support the large subsea system manufacturers.

John Huff, Chairman and Chief Executive Officer, stated, "We are very pleased to have acquired Rotator; they have demonstrated their capability to meet the technical challenges of deepwater installations, as evidenced by their outstanding reputation. Rotator complements our engineered products and services strategy and represents the third operation we have recently added to our Subsea Products offerings. We expect this acquisition to be marginally accretive to earnings in the fourth quarter. We look forward to growing the business as the anticipated demand for subsea installations increases and as we geographically expand our existing product lines."