Motive Offshore Group, which specializes in rental, inspection and engineering equipment for the energy sector, has acquired Aquatic, a specialist in laying and retrieving flexible products from the seabed.
Aquatic was previously owned by marine energy and infrastructure services company Acteon.
Motive will undertake Aquatic’s operations in the UK, Singapore, the US, Australia and Norway. Motive said the deal will increase its rental fleet and provide a full back-deck offering globally. The company said transaction also will provide customers with access to a wider range of flex lay equipment for offshore telecoms, offshore wind farms, and oil and gas fields.
As part of the agreement, Motive will also acquire and invest in Aquatic’s facility in Peterhead, Scotland. The hub will become an additional base in Scotland for Motive, alongside its Boyndie and Kintore facilities.
Bolstered by investment from H2 Equity Partners in 2022, Motive aims to generate 75% of revenue from renewables by 2025. The business is on track with this target, achieving 50% of renewable revenue YTD in 2024. According to Motive, the combined business will generate revenues of more than £65 million ($84.9 million), a 97% increase since the time of H2’s investment in July 2022.
