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    Subsea 7 and Oceaneering terminate acquisition agreement

    News // March 19, 2004
    Subsea 7 and Oceaneering have mutually agreed that the acquisition of the remotely operated vehicle (ROV) drill rig support and related business operations by Oceaneering from the Subsea 7 group of companies will not proceed.

    Subsea 7 and Oceaneering have agreed that it is in the best interest of both parties to terminate the agreement without further obligation.

    John Smith, Subsea 7's chief executive officer, stated, "The ROV and Survey division is profitable, is a good cash contributor and we will now re-focus the business for development and growth."

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