McDermott International Inc. has acquired all of the outstanding shares of the DeepSea operating companies. Terms of the purchase are not being disclosed.
Based in London with engineering offices in Houston, Europe and Asia Pacific, DeepSea provides subsea engineering and project management extending from the wellhead to fixed, floating or shore-based production facilities for oil and gas operators worldwide.
“The acquisition of DeepSea by McDermott enables us to offer a greater number of subsea engineers with broader specialist services to reinforce our own engineering, procurement, construction and installation capabilities in executing subsea projects worldwide,” Stephen M. Johnson, chairman, president and CEO of McDermott, said in a statement. “It also allows us to accelerate the development of the company to reach global tier one status in subsea project execution while also enabling us to be competitive in the European subsea market as well as in the international arena.”
Currently, DeepSea is working on some of the world’s leading SURF (subsea, umbilical, riser, flowline) projects, including ongoing McDermott contracts. As these existing jobs close out, McDermott intends to integrate part of DeepSea’s 100-plus engineering employees into its current and potential projects to provide greater resources and improve flexibility.
McDermott also said it plans to retain and expand the DeepSea brand, which will continue to focus on third-party engineering services from concept to commissioning. DeepSea will now have access to engineering services and capacity through McDermott’s 800 engineers worldwide.