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Oceaneering International Inc. (OII)

  • Mon, Feb. 2, 7:48 AM
    • Oceaneering (NYSE:OII) agrees to acquire privately-held C&C Technologies, a provider of ocean-bottom mapping services in deepwater and marine construction surveys for both surface and subsea assets, for ~$230M.
    • OII expects the acquired business to generate $20M-$30M of EBITDA within a year of the deal closing and to be accretive to earnings.
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  • Dec. 16, 2014, 8:58 AM
    • GE agrees to acquire Oceaneering's (NYSE:OII) Subsea Electric Actuator product line, which specializes in the design and manufacturing of specialty subsea products with a focus on electric valve actuators.
    • GE says the acquisition of the product line will pave the way for electrification in its oil and gas subsea space, providing a new technology that is faster to operate for processing applications, has excellent enhanced diagnostic capabilities and can be seamlessly integrated into a customer's existing controls, communications and power network.
    • Financial terms are not disclosed.
    • GE -0.8% premarket.
  • Nov. 14, 2014, 12:48 PM
    • Oil services companies are mostly higher as Halliburton (HAL +1.7%) is indeed in talks to buy Baker Hughes (BHI +0.5%), a deal that would provide a jolt to oilfield services companies contending with falling oil prices: SLB +0.4%, OIS +1.2%, SPN +2.3%, CAM +0.2%, FTI -0.3%, NOV -0.6%.
    • Sterne Agee analyst Stephen Gengaro calls a potential HAL-BHI combo a “HAL of a Frac-ing Deal," seeing several positives for HAL including strengthening its relatively weak position in artificial lift and production chemicals which are critical to enhancing HAL’s mature field strategy, enabling it to leverage its unparalleled U.S. pressure pumping logistics chain to enhance the efficiency of BHI’s operations, and providing the opportunity for significant cost savings which likely would total $600M-$750M or more.
    • While antitrust concerns could force some divestitures, Gengaro does not believe it would prevent a deal from happening.
    • Other potentially attractive M&A targets among oil services companies could include Dril-Quip (DRQ +0.7%), Frank’s International (FI +2.6%) and Oceaneering (OII -0.2%), Simmons & Co. says.
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Company Description
Oceaneering International Inc is an oilfield provider of engineered services and productsto the offshore oil and gas industry, with a focus on deepwater applications.