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Oceaneering International’s Latest Acquisition Larger than All Others in Past Five Years Combined
On 20-Dec-11, Oceaneering International, Inc. (NYSE: OII) announced that it completed the acquisition of AGR Field Operations, a provider of inspection, maintenance, subsea engineering, and field operations services to the oil and gas industry, for approximately $230 million. After examining OII’s 5-year acquisition history, this comes as its fifth acquisition since 2007 and the largest one yet.
Prior to its acquisition of AGR, the company had completed 4 acquisitions since Apr-07. The terms for three were disclosed totaling $116 million, of which $41 million was allocated to goodwill. The purchase price allocation of AGR has not yet been provided. OII paid for the acquisition with a combination of cash on hand and funds borrowed under a revolving credit facility.
