Tekmar Group has signed a sale and purchase agreement for the acquisition of Subsea Innovation Ltd, subject to shareholder approval. The proposed acquisition represents the Group’s first transaction since its successful AIM admission in June 2018, launching the Group’s strategy to acquire offshore energy businesses which have a clear technology focus, have complementary customer bases and can leverage Group support.
Subsea Innovation, which currently operates largely in the global oil and gas market will bring world-class engineering in the design, development and manufacture of back deck equipment and subsea pipeline repair clamps (“EPRC”) to Tekmar’s portfolio, along with a blue chip client list and a skilled engineering team.
“When we floated on AIM we promised investors a dynamic business with a clear plan for the future. Today is just one part of the implementation of that plan and we are delighted to welcome Subsea Innovation into the Tekmar Group,” said James Ritchie, CEO of Tekmar Group plc.
“As we continue through into 2019, you will continue to see us work towards our vision to become the partner of choice for the supply and installation support of subsea protection technology to the global energy markets. We will continue to put clients first and continue to innovate to remain at the forefront of the world’s offshore energy industries,” he continued.
As a world leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market, Subsea Innovation has products that range from large equipment handling systems which operate on the back of installation vessels, pipeline repair clamps which protect major oil and gas pipelines, and equipment for the construction of offshore oil and gas projects. The business also has an extremely skilled engineering design team who develop world-leading concepts for some of the world’s most challenging and exciting projects.
Subsea Innovation will continue to trade under its own name and remain as a separate legal entity. There will be no disruption or change for its customers.