Neptune Marine Services, based in Perth, Australia, has signed a Letter of Intent (LoI) to acquire Aberdeen, UK-based Submersible Technology Services (STS), a provider of remotely operated vehicles, for approximately $25 million.
Established in 1978, STS owns and operates a fleet of inspection and workclass ROVs offering a range of IRM, exploration drilling, survey and construction support services, including from offices in Bahrain and Singapore.
Neptune Marine also has an LoI for the acquisition of Singapore-based Core IRM, a provider of inspection, repair and maintenance services to the oil and gas and petrochemical industries since 1995. The consideration for the takeover is about $10 million, which includes the entire issued capital of Core IRM.
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