PwC advises on £50m sale of Aberdeenshire offshore firm

PwC’s corporate finance team in Scotland has advised on the sale of subsea technology, equipment and engineering consultancy business Ecosse Subsea Systems (“ESS”) to American subsea engineering firm Oceaneering International Inc. for £50 million, acting as lead financial advisor to the shareholders of ESS.

Mike Wilson, the founder of ESS, reaped nearly £40 million upon the sale of his business, which was established in 1996 to provide both products and services for complex offshore installation requirements for the oil and gas, offshore wind, power transmission, wave and tidal industries.

Headquartered in Aberdeenshire, the company designs, develops, builds, hires and operates a range of subsea equipment with patented technology covering seabed preparation, trenching, clearance and marine deck equipment as well as offering personnel and bespoke engineering consultancy support to major customers.

ESS generated revenue of £28 million and EBITDA of £7 million for the year ended 31 March 2017.

The acquisition will enhance OII’s presence in the renewables and cable protection market and provides ESS with a strong platform for further growth in global markets.

Jon Shelley, head of corporate finance, PwC Scotland, said: “PwC is delighted to have advised the shareholders of ESS on this successful transaction. OII presents a great partner for the business, its employees and customers and will help support the company through the next phase of its impressive growth. The deal represents an excellent example of overseas investors partnering with the most innovative and ambitious private businesses in Scotland.”

Mr Wilson, chairman of ESS, said: “The shareholders and management team at ESS are delighted with the successful outcome of the sale process, and believe that the business is very well positioned for future growth under OII’s ownership. We had great support from PwC throughout the transaction and thank them for their contribution to a successful outcome.”