Actuant Corp. (NYSE: ATU) is buying Viking SeaTech for £150 million (U.S. $225 million).
Aberdeen, Scotland-based Viking provides equipment and services to the offshore oil and gas industry. Viking specializes in vessel mooring services, including design, rental, installation and inspection. The company’s primary markets are the North Sea and Australia.
Actuant, headquartered in Menomonee Falls, Wis., is an industrial company that provides hydraulic tools and services, specialized products and services for the energy markets, and engineered position and motion control systems.
There have been a surge of deals for companies that provide services to the oil and gas industry recently. Transactions include Emcor Group Inc.’s (NYSE: EME) acquisition of RepconStrickland Inc., Nautic Partners LLC’s purchase of Applied Consultants Inc., and Clearlake Capital Group LP’s deal for a division of Archer Ltd. that rents oil and gas equipment.