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Onshore News: Seaeye directors take control

Posted on 03.03.2006 - 04:08 EST in ONSHORE NEWS by Rons_ROV_Links

SeaeyeLed by CEO Chris Tarmey, the directors of electric ROV manufactuer Seaeye Marine have taken full control of the company after buying the remaining 40 per cent shareholding held by the private equity and venture capital group 3i Group PLC.

Since acquiring the company in 2000, Tarmey and his management team have successfully expanded the company into world markets and new business sectors, with sales in the last year alone growing by over 50 per cent and profits doubled since the acquisition.

Recently Seaeye broke into the Chinese oil and gas market and expanded further into the US market. The company's remotely operated vehicles (ROVs) are not only in oil and gas fields worldwide, but are also used by the British Ministry of Defence, the Russian, French, Italian and US Navies for security, diver support and salvage operations. In addition they are sold to marine science institutions, aquaculture operations and the emergency services.

Their development strategy has enabled the company to take on competitors in the traditional heavyweight hydraulic ROV business, in areas such as offshore drilling, survey and salvage operations.

The successful business formula is expected to continue with Tarmey now holding 70 per cent of the shares, Ian Blamire, the founder and also a director holding 25 per cent with the balance held by a former director.

March 3, 2006

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