North-east deepwater specialist firm Marin has purchased AGR Seabed Intervention in a seven-figure deal.
The deal sees Marin buy back the technology and assets it originally developed for seabed intervention, which were sold to AGR when it bought Marin’s old company SeaVation for around £5.5million in 2006.
In July the companies formed a partnership to deliver practical solutions for clients in the offshore industry.
The deal will see two members of staff from AGR Seabed join Marin’s team of 30 at its headquarters in Ellon. Mr Betteridge will not transfer with the deal and has chosen to take early retirement.
Marin says the acquisition will advance its strategy of extending its global reach and specialist excavation services.
Chief executive George Stroud says key markets for growth include Brazil, where the company has been carrying out a lot of ultra-deepwater work, and the Gulf of Mexico.
He said the North Sea market had been slow in the last year, with the company now gearing up to support decommissioning projects on the continental shelf once they are up and running.
“Acquiring AGR Seabed Intervention complements our position in the market,” said Mr Stroud.
“We have already worked together on global projects and both businesses have a proven track record executing high-level engineering and technical operations.”
AGR Seabed Intervention chief executive Paul Betteridge said: “Uniting the businesses will ensure that excellence in service delivery and innovation continues.
“I would also like to take this opportunity to reassure our existing customers that they will continue to receive the high standards of service they’ve come to expect from us.”