Menomonee Falls-based Actuant Corp. announced the completion of its acquisition of Viking SeaTech of Aberdeen, Scotland.
Viking is an offshore support specialist providing a comprehensive range of equipment and services to the offshore oil and gas industry, primarily 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.
The cost of the acquisition is estimated at $225 million and was funded with Actuant’s cash and revolving credit facility.
Actuant is a diversified industrial company serving customers from operations in more than 30 countries.