Cavendish

Cavendish advises on the sale of Seaeye

Cavendish Corporate Finance is pleased to have advised the shareholders of Seaeye on the sale of the company to Saab Underwater Systems. Seaeye develops and manufactures a complete range of electric powered ROV (Remote Operated Vehicle) systems. The company is the leading supplier of electrical ROVs to the offshore oil and gas industry. In recent years, Seaeye has further developed its products and now delivers vehicles for security, salvage and coastal observation tasks.

Saab Underwater Systems is one of the world leaders in the area of underwater systems, with special focus on littoral, shallow and difficult underwater environments. The company focuses on sensor systems, precision engagement systems, remotely operated and autonomous underwater vehicles.

Cavendish approached Saab as part of a highly controlled, confidential auction process which resulted in several competing bids for the business. Saab was the preferred party not least because of the considerable benefits Seaeye management could see in the fit. Chris Tarmey, CEO of Seaeye, said: ''Seaeye has great potential to develop even further within areas such as maritime security and defence, areas where Saab is strong. The acquisition brings interesting possibilities for technical synergies between Saab's and Seaeye's different underwater vehicles.''

Commenting on the sale process itself, Chris Tarmey said ''Throughout a complex process Cavendish was a source of invaluable advice and constant support.''

For further information contact:

[Philip Barker], Director
[Andrew Jeffs], Associate Director

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