Oceaneering To Acquire C & C Technologies - Quick Facts

(RTTNews) - Oceaneering International Inc. (OII) announced a definitive agreement to acquire C & C Technologies Inc., a privately-held global provider of survey services, for approximately $230 million. Headquartered in Lafayette, Louisiana, C&C is a provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels.

The transaction is anticipated to be completed in early April 2015. In the 12 months following closing, Oceaneering expects the acquired business to generate $20 million to $30 million of EBITDA, before integration costs, and to be accretive to earnings.

Oceaneering also announced that Thomas Chance, Co-founder and President of C&C, has agreed to remain with the company for at least a year, to facilitate a smooth transition.