SMD completes acquisition of HydrovisionNews // November 21, 2003
The agreement was signed by John Reece and Chris Tarmey, CEO of Seaeye Holdings, on 3 November.
SMD Hydrovision will be based at SMD's extensive manufacturing facility in Newcastle. It will offer the largest range of products in the subsea market from the Curvetech range of components through to work class ROVs and trenching plough, ROV and tractorsystems.
SMD Hydrovision will provide continuity for the manufacture, service and support of the full range of Hydrovision products. Using its extensive engineering resource it will be implementing a programme to develop the next generation of Curvetech productsand work class ROVs to meet the future demands of the subsea markets.
The acquisition excludes Seaeye Marine whose ownership is retained by the existing shareholders through a renamed holding company, Seaeye Holdings Limited.
Seaeye will now focus on its core business as a leading supplier of electrically powered ROVs.