By the OGJ Online Staff
HOUSTON, Dec. 5 -- Energy services company Cal Dive International Inc., Houston, has agreed to acquire 85% of Houston-based Canyon Offshore Inc., which offers remotely operated vehicles and other robotics plus associated services to the offshore construction and telecommunications industries.
The purchase price for that stake is $60 million. The acquisition is subject to antitrust review, but should close by yearend. Cal Dive plans to acquire the remaining 15% stake at a price that will depend on Canyon's performance in 2002-04. That stake could go for $6-14 million, said Jim Nelson, vice-chairman of Cal Dive.
The total purchase price of $66-74 million is four to five times expected Canyon earnings before income tax, depreciation, and amortization, said Cal Dive.
Owen Kratz, chairman and CEO of Cal Dive, said the acquisition will expand its product offerings. "As marine construction support in the Gulf of Mexico moves to deeper and deeper waters, ROV systems will play an increasingly important role."
Canyon Offshore owns 18 ROV systems and operates six others in the US, Southeast Asia, and the North Sea.