Oceaneering acquires Blue Ocean Technologies

Two companies that focus on services for offshore oil and gas exploration are joining forces.

Houston-based Oceaneering International, Inc., has agreed to acquire Blue Ocean Technologies for $30 million, a move that gives Oceaneering a larger stake in the offshore well services market and an enhanced ability to serve current customers, company officials said in a statement.

Blue Ocean builds riserless light well intervention (RLWI) systems, which are designed to perform maintenance and other operations on underwater wells to boost their production or prepare them for plugging and abandonment. One of Blue Ocean’s RLWI systems reportedly holds the current record for deepwater operation: 8,200 feet.

Blue Ocean has two RLWI systems under construction and Oceaneering will give $10 million to complete those projects.