ROVworld Subsea Information

Kongsberg Maritime completes acquisition of Hydroid LLC
Date: Wednesday, June 25, 2008 @ 00:00:00 EDT

Kongsberg Maritime completes acquisition of Hydroid LLCKongsberg Maritime's has now completed the acquisition of the assets and business of the American enterprise Hydroid LLC on a debt-free basis. The acquisition sum is approximately 80 Million US Dollars.

About Hydroid

Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Hydroid is projecting strong revenue growth in the coming years. Hydroid is headquartered in Pocasset, Massachusetts, USA.

Broadens portfolio of AUV products

The acquisition of Hydroid is within Kongsberg Maritime strategy to expand in the rapidly growing market for AUV-based operations through a broader portfolio of products, wider presence in the market and focused R&D efforts. Hydroid's REMUS vehicles will complement Kongsberg Maritime's HUGIN AUV activity that began in 1995 as a joint project between FFI (Norwegian Defense Research Establishment), StatoilHydro and Kongsberg Maritime.

This article comes from ROVworld Subsea Information

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