Saab Acquires UUV Maker Seaeye
May 24, 2007 09:07 UTC
Sweden’s Saab Underwater Systems makes UUVs like the Double Eagle, and has a special focus on littoral, shallow and difficult underwater environments due to Sweden’s underwater geography. Seaeye Marine, with approximately 50 employees and annual sales of approximately GBP 12 million (currently about $23.75 million), is located in Fareham, Hampshire on the south coast of England. The company develops and manufactures a range of electric powered remotely-operated underwater systems, and has become a leading supplier to the offshore oil and gas industry. The firm has expanded its vehicles’ capabilities of late to include the tasks like security, salvage and coastal observation.
The parties appear to think that the two are a good fit, as Saab just bought Seaeye Holdings Ltd. for GBP 13 million (currently about $25.7 million). Saab sees it as a way of strenthening their naval products portfolio with offerings that can serve both civilian and military markets. Seaeye CEO Chris Tarmey sees Saab as a way into maritime security and defense applications, and believes there may be technical synergies as well. Saab Release | Seaeye release.
