Posted on 27.06.2011 - 11:00 UTC in ACQUISITION/MERGER NEWS by Rons_ROV_Links
Forum Energy Technologies, Inc. (FET) announced today the acquisition of Specialist ROV Tooling Services, Ltd of Insch, Scotland, U.K. Specialist is a leading provider of intervention tooling and custom engineered product solutions for the subsea intervention market. The acquisition of Specialist and its reputation for responsive, innovative subsea solutions further demonstrates Forum's commitment to strengthen its broad range of subsea products and services. Terms of the transaction were not disclosed.
Cris Gaut, FET's chairman and chief executive officer, explained the significance of the acquisition: "The acquisition of Specialist ROV Tooling will complement our strong subsea product offering as we continue to build a complete solution for customers' subsea vehicle and related products and services requirements. Specialist owner Mike Bissett and his experienced team will bring to Forum outstanding applications knowledge and product development expertise. Working with the team at Specialist, we will leverage Forum's global distribution and support network to grow our global intervention engineering capability. We are pleased to welcome the Specialist team to the Forum family."