C-Innovation, an aﬃliate of Edison Chouest Offshore, has acquired the controlling interest in Caltex Oil Tools.
Houston-based company has a core management team with more than 65 years of experience in deep water, remote technologies and intervention solutions.
The Caltex team should enable C-I to further expand its engineering and subsea service capabilities in order to deliver a more complete offering.
This acquisition, says the company, underscores its core mission to serve as the single source solution for the subsea and offshore industries.
David Sheetz, vice president of C-I, said, “With the acquisition of Caltex, we advance our position as the single source solution for our customers. Caltex’s highly experienced team is a perfect fit to support C-I’s continued growth as a leader in the subsea market. We have been working with Caltex for a few years now, and I believe this deal will allow us to jointly develop more efficient technology and processes to increase returns in riserless light well intervention (RLWI) projects.”
Justin Branner, general manager of Caltex, also said:
“C-Innovation will be a catalyst in our pursuit to develop technology and provide services that drive efficiency and close the technology gap throughout the industry. C-Innovation is a loyal customer from the beginning trusting Caltex with providing well intervention and flowline intervention services, so this made sense for us as a company to solidify our relationship and optimize the value offering to the end customers.”
“We are enthusiastic about welcoming the Caltex team into the Chouest family of companies,” said Dino Chouest, president of C-Innovation. “Teaming C-Innovation with Caltex, along with other Chouest companies, will further strengthen us as a world leader in offering our clients a total solution in today’s challenging market.”
C-Innovation has not disclosed the financial terms surrounding the deal.
Source: Offshore Energy Today