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Bolt Technology Corporation (NASDAQ Global Select Market: BOLT) today announced the acquisition of all of the outstanding Common Stock of SeaBotix Inc. (“SeaBotix”). SeaBotix, a privately owned company, is a world-wide leader in the design, manufacture and sale of underwater remotely operated vehicle (ROV) systems known under the trade name “Little Benthic Vehicles” (LBVs
TM). The company was established in 2001 and is located in San Diego, California.
SeaBotix LBVs are used for a variety of underwater tasks such as maritime security, search and recovery, aquaculture, scientific research, hydro and nuclear energy applications, forensic investigations, as well as inspections of off-shore oil and gas drilling platforms and pipelines. SeaBotix LBVs are designed for observation and light-duty operations, and can be equipped with a variety of sensors including high-definition video cameras, imaging sonar, tracking systems, as well as various tools such as multifunction grabbers and cutting heads. A patented Crawler system offered in certain LBVs is designed to allow for precise and complete underwater ship hull inspections.
The acquisition of SeaBotix is effective as of January 1, 2011 and was funded from Bolt’s existing cash balances. SeaBotix will continue to operate in San Diego as a wholly-owned subsidiary of Bolt.
Raymond M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased to add SeaBotix to our Company. We believe SeaBotix is well-positioned to capture market share due to the superior quality and versatility of its products. SeaBotix has delivered over 800 LBV systems to over 46 countries and is known for rapid development of customized solutions to meet customer needs.”
Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic acquisition equipment used for offshore exploration for oil and gas. The Company operates in three segments: “Seismic Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source Controllers.” The acquisition of SeaBotix will result in a fourth operating segment.