Tekmar Group to buy Subsea Innovation. Credit: Tekmar Energy.

UK-based Tekmar Group has reached an agreement to acquire Subsea Innovation in a cash and stock transaction valued at approximately £4m.

Subsea Innovation is engaged in the design, manufacture and supply of complex engineered equipment and technology, which is used in the offshore energy market.

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The acquired entity provides large equipment handling systems that operate on the back of installation vessels. It also offers pipeline repair clamps to safeguard oil and gas pipelines, and equipment to develop offshore oil and gas projects.

The planned takeover of Subsea Innovation marks Tekmar’s first transaction since its successful AIM admission in June 2018.

“We will continue to put clients first and continue to innovate to remain at the forefront of the world’s offshore energy industries.”

According to Tekmar, the acquired organisation will provide engineering in the design, development and manufacture of back deck equipment and subsea pipeline repair clamps (EPRC).

Tekmar Group CEO James Ritchie said: “When we floated on AIM we promised investors a dynamic business with a clear plan for the future. Today is just one part of the implementation of that plan and we are delighted to welcome Subsea Innovation into the Tekmar Group.

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“As we continue through into 2019, you will continue to see us work towards our vision to become the partner of choice for the supply and installation support of subsea protection technology to the global energy markets. We will continue to put clients first and continue to innovate to remain at the forefront of the world’s offshore energy industries.”

Subsea Innovation will continue to operate under its own name and stay as a separate legal entity. Upon completion of the acquisition, 27 staff will remain with the business.