Actuant Corp. announced today it is acquiring Viking SeaTech, a Scottish offshore oil and gas support company, for about $225 million.
Viking provides equipment and services to customers in the North Sea, which includes U.K. and Norway, and Australia. Its mooring design, rental, installation and inspection services drive most of the company’s revenue.
Viking also offers survey, manpower and other marine services for offshore energy asset owners. The company reported revenue of about $90 million in the past year.
“Viking represents a great addition to Actuant’s energy platform and will be included within the Energy segment,” said Robert Arzbaecher, chairman and chief executive officer of Actuant. “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.”
Menomonee Falls-based Actuant is a $1.3 billion global diversified industrial company. The company will fund the transaction with its cash and revolving credit facility. It is subject to regulatory approvals and is expected to close within 45 days.