Actuant (NYSE:ATU), a diversified industrial company based in Menomonee Falls Wisconsin, has signed a definitive agreement to acquire Aberdeen, Scotland-based Viking SeaTech for approximately $225 million, Actuant announced today.
Viking is an offshore support specialist providing equipment and services to offshore oil and gas companies. It has a global customer base, but has its primary markets in the North Sea and Australia. Viking's main revenue source is its offshore vessel mooring business, providing equipment such as anchors and chains, buoys and fibre rope, and other specialized mooring gear. It also positions, inspects, and maintains the offshore moorings.
Actuant said it will fund the purchase from cash on hand and from its revolving credit facility.
Actuant chairman and CEO Robert Arzbaecher said in the company's statement that: "Viking represents a great addition to Actuant's energy platform and will be included within the Energy segment ... Viking's revenue mix includes product, rental and service components, similar to Actuant's existing energy businesses."
Actuant said it expects the transaction to close within 45 days.