Oceaneering International, Inc. (NYSE:OII) announced the acquisition of Ifokus Engineering AS (Ifokus), a Norwegian designer and manufacturer of specialty subsea products, including ROV tooling. With expected annual revenues in 2007 of approximately $13 million, Ifokus will increase Oceaneering's Subsea Products segment sales.
Located in Stavanger, Norway, Ifokus has a solid reputation for high quality subsea products. In addition to ROV tooling and interfaces, Ifokus product lines include hardware to perform fluid transfer and control, valve intervention, and hydrate remediation. Specific Ifokus products of note include leading-edge electric valve actuators and multifunction hot stabs.
T. Jay Collins, President and Chief Executive Officer, stated, "We are very pleased to have acquired Ifokus as it enhances our ability to supply specialty subsea products. At a capital cost of approximately $20 million, we expect this acquisition to be marginally accretive to earnings over the remainder of this year. Longer term, we look forward to growing the business as we anticipate worldwide demand for subsea hardware to increase."