Provider of integrated engineered solutions to the international oil and gas, marine and renewable energy industries, Neptune Marine Services Ltd
(ASX:NMS) says it has completed the acquisition of Aberdeen based Submersible Technology Services, a provider of remotely operated vehicle and survey support services to the offshore oil and gas industry.
Neptune has acquired 100% of the issued capital of STS for approximately $29.09 million.
The company says around 95% of the acquisition price was paid in cash with the balance via the issue of 1.53 million full y paid ordinary shares at 78.7 cents a share.
CEO Christian Lange says the acquisition will immediately contribute to the group’s expansion into the UK and other major international markets.
Mr Lange says the addition of STS will also compliment the specialised subsea capabilities of the company’s established UK businesses, will provide opportunities for leverage across the global business, will add to its growing blue chip customer base and will significantly boost Neptune’s presence in Aberdeen.
Neptune Marine Services pulled itself out of the red in 2008 to post a profit for that year and the next.
