Nedlands-based investment manager Viburnum has acquired oil and gas diving contractor Cal Dive International Australia, in partnership with Houston company SCF Partners.
The acquisition was flagged earlier this year in a report by a US finance website, which estimated the value of the deal at about $US17 million.
The new business, which is headquartered in Singapore with operations in Perth and Karratha, will be called Shelf Subsea.
In a statement today, Viburnum said Cal Dive’s management team of Peter Evans and Peter Malcolm will continue to run the business, with John Edwards as chairman.
Shelf Subsea’s service offering includes saturation and air/nitrox diving, subsea drilling and rock-bolting, ROV services and dive support vessels.
“Their services span the life cycle of a well and includes pipeline and umbilical installation, hook-up and tie-in, inspection, repair, maintenance, well intervention, platform removal and plug and abandonment work,” Viburnum said.
“With the support of Viburnum and SCF Partners, Shelf Subsea will seek to enhance and extend its current service offering and look to penetrate new markets, with a particular focus on south east Asia.”
The acquisition comes after Cal Dive’s US parent company sought protection under chapter 11 of the US bankruptcy code.