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    Subsea 7 sells drill rig ROV support business

    News // December 5, 2003
    Subsea 7 has signed an agreement to sell their Drill Rig ROV Support business and part of their UK based Remote Technology activity to Oceaneering International in the US for US$108 million. The annual turnover for the business to be sold is approximately US$70 million.

    The sale includes 54 work class and 28 observation class ROVs operating from the UK, Norway, Brazil and the Gulf of Mexico as well as ongoing contracts for the ROVs being transferred. About 500 onshore and offshore employees will transfer to Oceaneering.

    Subsea 7 will retain 19 work class, 6 observation class ROVs and the AUV, together with a full remote technology, subsea engineering, survey and DGPS capability to support its integrated construction, survey and deepwater projects.

    The transaction is subject to due diligence and is due to complete early in 2004.

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