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Oceaneering (OII) Sells Decommissioning Segment to Claxton

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The privately owned integrated subsea services company, Acteon’s drilling and decommissioning division, Claxton, signed agreements with Oceaneering International (OII - Free Report) to take over its decommissioning assets and personnel. However, the financial value of the deal was not shared.

After the acquisition, which is expected to close by Mar 30, 2022, certain Oceaneering employees based in the Scandinavian country of Norway will transfer to Claxton, together with the decommissioning assets, including equipment like well and pile abrasive cutting and recovery systems, and associated tooling, conductor drilling, pinning and cutting systems, diamond wire saws, dredges and various supplementary items. At the outset, the equipment will be deployed from Acteon’s bases located in Norway, Dubai and Aberdeen.

Furthermore, OII is setting up a master services agreement, under which Claxton will offer services to assist the company’s broader scopes, possibly comprising its multi-client Rig Chase decommissioning operations.

Sam Hanton, Acteon drilling and decommissioning segment’s managing director stated that the agreement would augment the company’s capacity, improve technology and increase its decommissioning expertise, which would underline Claxton’s position as one of the prominent global suppliers of offshore cutting services.

Commenting on the deal, Oceaneering’s Director for Offshore Projects Group, Luke Pirie, stressed that the agreement would help his company focus on its integrated vessel solutions offering, which consists of multi-client Rig Chase, and vessel-based well plugging and abandonment campaigns while guaranteeing access to decommissioning services via a partnership and a new arrangement with Claxton.

Founded in 1964, Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Headquartered in Houston, TX, the company provides specialized products and services for all phases of the offshore oilfield lifecycle — from exploration to decommissioning — with a focus on deep water. OII generated revenues of $1.83 billion last year.

Oceaneering currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space are RPC, Inc. (RES - Free Report) , PDC Energy (PDCE - Free Report) and Exxon Mobil (XOM - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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