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Motive Offshore Group has acquired Aquatic, responsible for laying and retrieving flexible products from the seabed, previously owned by marine energy and infrastructure services company Acteon.
The deal is intended to increase Motive’s rental fleet and provide a full back-deck offering globally. The company will undertake Aquatic’s operations in the U.K., Singapore, U.S., Australia and Norway.
Bolstered by investment from H2 Equity Partners in 2022, the acquisition aligns with Motive’s ambitions to target strategic locations, diversify its rental fleet and generate 75% of revenue from renewables by next year.
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As part of the agreement, Motive will also acquire and invest in Aquatic’s facility in Peterhead, Scotland. The hub will become an additional Scotland base for the company, alongside its Boyndie and Kintore facilities.
“As an established and longstanding offshore business we have valued Aquatic as a partner for some time, working closely together over the past couple of years,” says Dave Action, CEO of Motive.
“Its highly skilled engineering team and quality equipment make it a perfect fit for our business, both on a cultural and operational level. This move demonstrates our commitment to delivering specialist equipment to our customers in Scotland through investing in new facilities and in international locations where they need our services. We are proud to combine our teams to draw greater efficiencies for our customers, providing a one-supplier solution.” |
