Sunday, 16 June 2019

Company Updates

Acteon to Acquire Geophysical Survey Company Benthic

Subsea services group Acteon has agreed to acquire offshore marine geotechnical and geophysical survey company Benthic.

2 Benthic bannerHeadquartered in Houston, USA, Benthic adds leading deepwater and ultra-deepwater surveying capabilities to Acteon through its proprietary portable remotely operated drill (PROD) technology. Benthic’s latest generation PROD system can conduct in-situ penetration testing and collect samples and cores in extremely challenging conditions, including seabed slopes greater than 20° and water depths exceeding 3000 m.

Benthic has a long and extensive record of innovation. Its subsea drilling technology offers an unrivalled solution compared with traditional geotechnical surveying techniques. The company has undertaken comprehensive geotechnical site investigations and geophysical surveys in all the world’s deepwater basins for leading oil and gas clients. Work has recently been executed in South America in water depths exceeding 2100 m, and the latest equipment upgrades enable operations in depths up to 4000 m, and there are plans to expand services to include offshore wind and scientific research.

“Our commitment to a continuous program of innovation stretches back 15 years,” said Steve Pywell, chief executive officer of Benthic. “I am excited by the opportunities offered by becoming part of Acteon, which will enable us to work collaboratively with the other companies in the group and allow us to offer a broad range of integrated solutions.”

“Having Benthic in our portfolio greatly enhances Acteon’s existing survey businesses and further strengthens the group’s global offer; we plan to continue its existing program of capital expenditure to ensure it can service growing worldwide customer demand,” said Richard Higham, Acteon chief executive.

The transaction is expected to complete in May 2019. Pywell will continue to lead the Benthic team and will help Acteon to provide its clients with an increasingly comprehensive geosciences service to meet their requirements around the world.

Acteon’s principal advisors for the transaction were Evercore, Clifford Chance and KPMG.

We aim to keep you updated weekly with relevant information concerning the Offshore Energy Sector.

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