In a statement to the market, Neptune confirmed it had signed a memorandum of understanding to acquire the company, which is expected to add $20.6 million and earnings of $4.3 million once the transaction is complete in January.

Neptune managing director Christian Lange said the acquisition would allow his company to build its presence in the North Sea market, which will offer the company significant scope to grow its revenue.

"Neptune is very rapidly, but carefully building a leading subsea and offshore energy services business," Lange said.

"We now have the foundation in place to undertake transactions of greater scale, as witnessed by this opportunity with Ross Deeptech."

Ross Deeptech manufactures specialist subsea and offshore oil and gas equipment.

It also provides support services for production, drilling, diving, construction and intervention projects in deepwater areas including the west of Shetland, Norway, Gulf of Mexico, West Africa, Canada, Egypt and Australia.

The company has a team of 95 staff operating in four locations throughout the United Kingdom.

Lange said Neptune was in the "very early stages" of establishing itself as a leading global energy services firm.

"Deeptech marks another important building block in our growth."

"Our customers are also encouraged by our strategy of offering a broader range of complementary subsea services and this is reflected in the size and scope of projects for which we are being invited to tender."

Lange added Ross Deeptech's renewable energy skills and credentials opened up a new market for Neptune.

Ross Deeptech is involved in marine renewable energy projects in the areas of wave and tidal systems and offshore wind projects.