Boston, MA -- (SBWIRE) -- 04/08/2011 -- C.W. Downer & Co. is pleased to announce that Tananger, Norway-based Norse Cutting & Abandonment AS (NCA) has agreed to be sold to Oceaneering International, Inc., for approximately $60 million. NCA was owned by Cubera Private Equity, Energy Ventures and the founders and management of NCA. The transaction closed on March 31, 2011.
NCA is an oilfield technology company specializing in testing, commissioning, inspection, repair, maintenance, abandonment and decommissioning services for offshore and oil and gas production platforms and subsea wellheads. Houston, Texas-based Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications.
T. Jay Collins, Oceaneering President & CEO, stated in a company press release, “This acquisition is consistent with our strategy to expand our subsea business. It will increase our subsea tooling product line and enable us to provide some tooling as a service line, as we do with our installation, workover, and control systems. It will also enhance our ability to participate as a subcontractor in the plug, abandonment, and decommissioning market both in the North Sea and in the GOM.”
“We are pleased to have assisted in achieving a successful outcome for the shareholders of NCA. This transaction is another example of our dedication to serving the Norwegian market and marks the second Norwegian oil and gas services transaction we have completed in the last four months,” remarked Michael Howell, Managing Director & Partner at C.W. Downer & Co (Boston) who co-managed the transaction with Frank Merkel, Managing Director & Partner (Frankfurt). The transaction team also included Michaela Wieser, Associate (Frankfurt), Jochen Köhler, Associate (Frankfurt) and Stefan Meier, Analyst (Frankfurt).
About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering its clients a high level of personal attention coupled with 35 years of international execution experience. With seven fully integrated offices on four continents, we consistently identify the most appropriate buyers worldwide and uncover "hidden" acquisition targets. C.W. Downer & Co. combines the global reach of a bulge-bracket investment bank with the personal touch of a boutique. For further information, visit www.cwdowner.com