Hallin Marine, the AIM quoted subsea solutions business, has acquired Prospect Flow Solutions Ltd in a deal worth an initial £3 million.
Prospect is an engineering consultancy to the energy sector, with a strong track record in analysis and design for subsea, offshore and onshore projects. The deal will give Hallin exposure to projects at the early stage of development and ultimately enable Hallin to offer its clients total solution packages.
The deal is subject to an earn-out worth up to £1.65 million that extends until December 2010.
John Giddens, Hallin's chief executive, said: "This is Hallin's first acquisition and the company took a long and detailed look at a number of subsea engineering companies before initiating talks with Prospect.
"Until now Hallin's rapid expansion has been solely through organic growth. Looking forward, we see further profitable expansion from both organic growth and do not rule out further acquisitions of companies that will add real value to Hallin."