Actuant announces acquisition deal for Viking SeaTech

By IVCPOST Staff Reporter

Aug 02, 2013 01:24 PM EDT

Actuant Corporation was established in 1910 and operates as a diversified industrial company with businesses in more than thirty countries. The company serves customers by providing hydraulic tools and solutions. The businesses of the company have specialized products and services for energy-related industries.

Today, Actuant Corporation announced signing a definitive acquisition agreement to purchase Viking SeaTeach. In the past 12 months, the latter has generated revenue that is around USD90 million. The agreement is subject to regulatory approval that is expected to be completed in 45 days. The deal was valued at USD225 million that will be funded in cash and by Actuant's revolving credit facility.

Viking SeaTech is headquartered in Aberdeen, Scotland. The company provides services to offshore and gas industries in UK, Norway and Australia. The revenue of the company is primarily derived from its offered offshore watercraft solutions including rental, inspection, design and installation. Viking SeaTech also provides its offshore energy asset clients with manpower, survey and other marine services.

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