DeepOcean UK, a subsidiary of DeepOcean Group Holding BV, has acquired a 50 per cent stake in Advanced Underwater Surveys (ADUS), a Frontier IP portfolio company.
Frontier IP is a FTSE-listed small-cap company specialising in the commercialisation of university intellectual property. It acquired its interest in ADUS through a partnership with the University of Dundee.
In return for commercialisation support, Frontier IP is entitled to receive equity in each spin-out at the point of incorporation. In its last financial year, Frontier IP received equity in three new spin-out companies during the year.
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ADUS operates in the marine salvage market providing subsea 3D visualisations. It is known for high profile work- such as a survey of the wreck of the oil rig Deepwater Horizon in the Gulf of Mexico and, more recently, the stricken cruise ship Costa Concordia in Italy.
DeepOcean Group is an integrated provider of services and technologies for the subsea industry. Following DeepOcean UK's acquisition of a stake in ADUS, it will form ADUS DeepOcean.
Bart Heijermans, DeepOcean Group Holding BV Chief Executive Officer, stated: "This acquisition enhances the quality of the services we offer to our customers in the oil and gas and renewables industries. As part of this acquisition ADUS will commit to a research and development programme to further develop the visualisation software used by ADUS."
ADUS Co-founder, Mark Lawrence said: "The acquisition of ADUS by DeepOcean is an excellent opportunity for all concerned; ADUS' data acquisition and visualisation technologies will add value to DeepOcean's core services, whilst providing ADUS with global access and resources it needs to grow in the energy market."
MF
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