Case Study

Seaeye Holdings Ltd has been acquired by Saab Underwater Systems

The shareholders of Seaeye Holdings Ltd have sold the company to Saab Underwater Systems. Financial details have not been disclosed.

Seaeye develops and manufactures a complete range of electric powered remote operated vehicle (ROV) systems. The range extends from the portable Seaeye Falcon to the medium work class Panther Plus. The operation started in 1987 and Seaeye is the leading supplier of electrical ROVs to the offshore oil and gas industry. During the latest years, Seaeye has also further developed its products and now also delivers vehicles for security, salvage and coastal observation tasks. The company is located in Fareham, UK, has 50 employees and annual sales of approximately US$17 million.

Saab Underwater Systems is one of the world leaders in the area of underwater systems, with special focus on littoral, shallow and difficult underwater environments. The company focuses on sensor systems, precision engagement systems, remotely operated and autonomous underwater vehicles. Ingemar Andersson, Executive Vice President of Saab, said: “We see this as part of our strategy to strengthen our naval product portfolio at the same time as it brings a strong international market position within offshore and adds new possibilities within maritime security."

Chris Tarmey, CEO of Seaeye, sees many benefits in being part of Saab: “Seaeye is a successful company that has doubled its activities in the offshore area during the past years, but with a great potential to develop even further within areas such as maritime security and defence. Areas where Saab is strong. The acquisition also brings interesting possibilities for technical synergies between Saab’s and Seaeye’s different underwater vehicles."

Oaklins Cavendish, based in the UK, advised the seller in this transaction. Following a competitive process, Saab emerged as the preferred bidder offering a good strategic fit that would secure the future development of the business.

Tombstone image for Seaeye Holdings Ltd has been acquired by Saab Underwater Systems

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Philip Barker

United Kingdom

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