Reach Subsea has finalised its deal to acquire data outfit iSurvey.
The Wilhelmsen-backed autonomous survey company said in a regulatory filing on Friday that it had issued just over 33.8m new shares to complete the NOK 135m ($14.3m) deal.
Billingstad, Norway-based iSurvey provides seabed surveys, subsea cable installation and jack and rig move services.
“With the acquisition of iSurvey, we are developing Reach Subsea into a larger, more robust, fully integrated company, with strengthened in-house data management and data processing capabilities,” Reach chief executive Jostein Alendal said in announcing the acquisition in February.
“This will enable us to take on larger subsea projects on a global scale and accelerate our expansion into emerging new industry verticals, such as offshore wind.”
iSurvey co-founder and chief executive Oivind Roegh said Reach's track record “impressed us immensely”.
“By combining our service offerings, we will create a leading global full-service provider of subsea data and solutions for all types of offshore assets, throughout the lifecycle,” he said in a statement on the deal.
The Reach-iSurvey deal was announced the same day as an investment in Reach Subsea by Wilhelmsen New Energy that saw the shipping giant take a 21% stake in the company.
The move was made to help commercialise Reach's Reach Remote concept, which aims to build out subsea services on autonomous ships.
Reach said it also issued 46.1m new shares in a private placement to satisfy the Wilhemsen investment.
In April, the company ordered two unmanned survey ships to be built by Kongsberg Maritime.
The ships, which will act as mobile power banks, data centres and communication modules for underwater, remote-operated vessels, are expected to be delivered next summer.
