Koil Energy Solutions Inc. (KLNG)

[JoeSmith]

Mass High Tech: The Journal of New England Technology

Friday, April 18, 2008 - 10:47 AM EDT

Maine's Flotation Tech picked up by Deep Down for $23M

Mass High Tech: The Journal of New England Technology - Mass High Tech


Ocean buoy technology firm Flotation Technologies Inc. has been acquired by Deep Down Inc. in a $23.3 million stock purchase agreement, according to officials at Texas-based Deep Down.

Founded in 1979, Flotation Technologies of Biddeford, Maine, designs and manufactures deepwater buoyancy systems, specializing in syntactic foam and polyurethane products for marine research and the commercial and military markets. Its customers include Chevron, Exxon Mobil, Shell and Statoil. Deep Down provides engineering and other services for the offshore subsea oil and gas industry.

Last May, Flotation Technologies won a $4 million contract from an unnamed source for flotation devices, and opened a 45,000-square-foot manufacturing plant in Biddeford. In 2006, the company worked with the Maine Manufacturing Extension Partnership, a business development program supported by the U.S. Department of Commerce, to plan the company's business strategy and work force development.

http://masshightech.bizjournals.com/masshightech/stories/2008/04/14/daily40.html?jst=m_ln_hl&surround=lfn#