Oceaneering Acquires Global Design Innovation Ltd.
HOUSTON–(BUSINESS WIRE)–Oceaneering International, Inc. (NYSE: OII) announced today that it has acquired Global Design Innovation Ltd. (GDi), a UK-based provider of digital and software services. This acquisition is a key step in Oceaneering’s strategy to advance its digital capabilities and broaden the solutions available to its global clients.
As the only provider certified by the United Kingdom Accreditation Service (UKAS) to perform remote visual inspection using point cloud data and photographic images, GDi brings advanced algorithms and data solutions that, when combined with Oceaneering’s engineering expertise, will strengthen Oceaneering’s ability to optimize asset management for clients in industries including oil and gas, utilities, and power generation. GDi’s suite of solutions, including its Vision software, complements Oceaneering’s portfolio by supporting enhanced safety, data quality and integrity, and cost efficiency for customers worldwide.
Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “We look forward to deepening our partnership with GDi through this acquisition, which aligns with our strategic plan to expand our digital and software solutions.”
Karl Green, director of GDi, stated: “We are excited to join the Oceaneering team, which will allow GDi to leverage Oceaneering’s global network and resources, while continuing to deliver the high-quality digital services that our customers expect.”
GDi will continue to operate under its existing brand identity. Oceaneering intends to report GDi’s future financial results through its Integrity Management and Digital Solutions (IMDS) segment.
Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: confidence this acquisition will expand its ability to deliver advanced, integrated solutions across industries; intent for GDi to continue to operate under its existing brand identity; and intent to report the future financial results of GDi through the IMDS segment. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions, including risks and uncertainties related to market conditions and other economic factors affecting Oceaneering’s business. Should one or more of these risks or uncertainties materialize or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.
Oceaneering (NYSE:OII) is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
Contacts
Hilary Frisbie
Senior Director, Investor Relations
Oceaneering International, Inc.
713-329-4755
