|Wednesday, 19 December 2001|
Giant subsea equipment supplier, Cal Dive International Inc, has agreed to acquire 85% of Canyon Offshore Inc, a supplier of remotely operated vehicles and robotics to the offshore construction and telecommunications industries.
Cal Dive said it would purchase the remaining 15% at a price to be determined by Canyon's performance during the years 2002 through 2004.
"Acquiring Canyon will be a vertical integration which flows from the CDI policy of directly controlling all aspects on the critical path of significant projects. As marine construction support in the Gulf of Mexico moves to deeper and deeper waters, ROV systems will play an increasingly important role," chairman and chief executive officer of Cal Dive Mr Owen Kratz said.
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