Actuant Acquires Viking SeaTech

Actuant Acquires Viking SeaTech

Actuant Corporation signed today a definitive agreement to acquire Viking SeaTech (“Viking”). The purchase is subject to customary regulatory approvals and closing conditions, and is expected to be completed within 45 days. The approximately £150 million ($225 million) purchase price will be funded from the Company’s cash and revolving credit facility, and excludes potential future performance related consideration. Viking generated approximately $90 million in revenue in the past twelve months.

Headquartered in Aberdeen, Scotland, Viking is an offshore support specialist providing a comprehensive range of equipment and services to the offshore oil and gas industry. Viking serves customers globally with its primary markets in the North Sea (U.K. and Norway) and Australia. The majority of Viking’s revenue is derived from offshore vessel mooring solutions which include design, rental, installation and inspection. Viking also provides survey, manpower and other marine services to offshore energy asset owners.

Commenting on the transaction, Robert C. Arzbaecher, Chairman and CEO of Actuant stated, “Viking represents a great addition to Actuant’s energy platform and will be included within the Energy segment. Its leadership position in the largest offshore regions, strong technical competency and solid management team have allowed Viking to generate above average growth and margins. Given positive energy dynamics that support offshore development and production around the globe, notably new finds and redevelopment of current fields where Viking’s customized mooring solutions are well suited, as well as Actuant’s ability to expand Viking’s presence on a global scale, we expect this growth to continue. Viking’s revenue mix includes product, rental and service components, similar to Actuant’s existing energy businesses. Bill Bayliss, President of Viking, along with his leadership team have done an outstanding job positioning Viking as a premier subsea services firm and we look forward to them joining the Actuant organization.”

Actuant Corporation, August 2, 2013; Image: Viking SeaTech

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2016 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

14th ASEAN Ports and Shipping 2016

A two days Conference Programme will feature 30 world-class conference speakers addressing topical issues and challenges on global…

read more >

7th Annual LNG Shipping Conference

Get the latest updates from NYK shipping on small scale LNG bunkering project
Gain insight into LNG shipping in a buyers’ market trends from Fearnley LNG…

read more >

FLNG World Congress

There are plenty of opinions on where the FLNG market is headed in 2016-18 in the current oil price environment. The question is, do you have enough critical market intelligence to make an informed one?

At the FLNG World Congress this year, we deliver to you the governments, project owners, oil companies, EPC contractors and supply chain that have or are working on current and upcoming projects—Hear unprecedented presentations from Ophir Energy, Delfin Energy, Technip, SKK Migas, Black & Veatch, KBR, Chevron and more as they walk you through invaluable lessons learnt and experiences on how to commercialise FLNG projects.

More info

read more >

Maritime Cyber Risk – Addressing the real and current threats

This one day international conference on Maritime Cyber Risk – Addressing the Real and Current Threats will look at practical steps which…

read more >