Actuant Corp. to acquire Viking SeaTech (Viking). The purchase is subject to customary regulatory approvals and closing conditions, and is expected to be completed within 45 days. The US$225 million purchase price will be funded from the Actuant Corp.’s cash and revolving credit facility, and excludes potential future performance related consideration. Viking generated about $90 million in revenue in the past twelve months.
Aberdeen-based Viking is an offshore support specialist providing a comprehensive range of equipment and services to the offshore oil and gas industry. Viking serves customers globally with its primary markets in the North Sea (U.K. and Norway) and Australia. The majority of Viking’s revenue is derived from offshore vessel mooring solutions which include design, rental, installation and inspection. Viking also provides survey, manpower and other marine services to offshore energy asset owners.
“Viking represents a great addition to Actuant’s energy platform and will be included within the Energy segment,” said Robert C. Arzbaecher, chairman and CEO of Actuant. “Its leadership position in the largest offshore regions, strong technical competency and solid management team have allowed Viking to generate above average growth and margins.
“Given positive energy dynamics that support offshore development and production around the globe, notably new finds and redevelopment of current fields where Viking’s customized mooring solutions are well suited, as well as Actuant’s ability to expand Viking’s presence on a global scale, we expect this growth to continue” said Arzbaecher. “Viking’s revenue mix includes product, rental and service components, similar to Actuant’s existing energy businesses.”