Acteon has announced the acquisition of UTEC Survey, an independent survey services business with a global footprint. UTEC offers high quality and cost-effective technology solutions in order to gather, process and manage data that supports informed decision-making across the entire life of a subsea field. It generated revenues in excess of $84 million in 2013.
This acquisition further enhances Acteon’s ability to serve tier one contractors and oil companies which require comprehensive external support for their assets in terms of data gathering, analysis and interpretation, in order to operate competitively in the integrity and maintenance fields. Acteon will also engage UTEC’s geoscience capabilities in developing an extended suite of value-creating subsea services.
Complementing the expertise of NCS Survey, another Acteon company specializing in the survey and positioning arena, UTEC will continue to develop its global survey and positioning capabilities across the life-of-field in sectors including construction support, rig moves and all subsea survey applications.
Starnet, which UTEC acquired in 2013, is of key interest to Acteon as it offers clients a customised web portal (StarNet iSite™), which quickly gathers asset information. StarNet iSite also delivers quick and innovative metrology solutions for commercial measurement needs, ensuring ongoing accuracy for Acteon clients at all stages of the project lifecycle.
Martin O’Carroll, who co-founded UTEC in 2005, will continue his role as CEO. He and his management team will have a continued focus on growth, reflecting Acteon’s overall aim to define, shape and lead the subsea services sector.
The transaction is subject to customary regulatory approvals. Acteon’s advisers for this transaction were Burness Paull, Evercore and KPMG.