The Perth-based company yesterday said the acquisition would “significantly strengthen” Neptune’s presence in the subsea oil and gas services market.

“This is the most strategically important acquisition Neptune has announced and is consistent with our strategy for growth,” managing director Christian Lange said.

“It brings to the company higher-end management and consultancy capabilities which significantly broaden our offering to customers in the oil and gas sector.

“It also gives us the platform to establish Neptune as Australia’s only listed broad-based oil field services company.”

Headquartered in Perth, Subsea Developments is a specialist consultancy firm servicing the oil and gas sector. The business provides a range of services encompassing front-end engineering and design (FEED), installation/construction engineering and inspection repair and maintenance with a focus on pipeline and subsea engineering.

Neptune said it would make an upfront payment of $5.5 million plus a three-year earn-out based on Subsea’s earnings before interest and tax performance.

It said the business is expected to add about $10 million in annualised revenue.

Subsea Developments is the fourth acquisition Neptune has announced in six months. Last month, it acquired Western Australian engineering firm Link Weld.

Under the deal with Link Weld, Neptune said it would pay $4 million upfront for the company, as well as the value of Link’s plant and equipment work in progress. A further $3 million “goodwill” payment will also be made to Link over the next three years.

Earlier in December, the subsea marine service company wrapped up a $2.625 million takeover of Perth-based Allied Diving Services. Two months before, the company announced it was acquiring Territory Diving Services for $3 million.