By OGJ editors
HOUSTON, Dec. 4 -- Oceaneering International Inc., Houston, has agreed to buy a fleet of remotely operated vehicles (ROVs) along with related contracts from Stolt Offshore SA, London, for $50 million. The transaction remains subject to a due diligence review.
Stolt Offshore CEO Tom Ehret said, "This sale is part of our program of disposals of noncore assets and businesses. It includes drill support ROV's and contracts in place in the North Sea, the Americas, and West Africa."
Previously, Oceaneering International agreed to acquire 82 ROVs from the Subsea 7 Group, London, for $108 million. Subject to a satisfactory due diligence review, the transaction is expected to close in early 2004.
