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Oceaneering International buys Norwegian company

A unit of Oceaneering International Inc. (NYSE: OII) will acquire Norway-based AGR Field Operations for $240 million.

Oceaneering AS, the Norwegian subsidiary of Houston-based Oceaneering International, is acquiring the AGR Field Operations business unit, headquartered in Bergen, Norway, from its parent company, AGR Group ASA.

 

AGR Field Operations provides oil and gas rig and pipeline inspection, maintenance, subsea engineering and field operations services.

 

The acquisition, expected to close by the end of December, includes some debt. Oceaneering International said it would fund the acquisition with cash and its revolving credit facility.

 

AGR Field Operations, which has 800 employees worldwide, also has a substantial operating presence in Australia, with four locations in that country.

 

For 2012, Oceaneering expects the acquisition to add approximately $10 million of net income, with about $2 million in transaction costs related to the deal in 2011.

 

M. Kevin McEvoy, Oceaneering International president and CEO, said in a statement that the acquisition will help push the company’s 2012 earnings per share up 10 cents to a range between $2.45 to $2.65.

 

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