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Hallin Marine, a provider of subsea services to the oil and gas industry, has bought Prospect Flow Solutions, an energy-focused engineering consultancy.

Prospect, which also provides analysis and design for subsea, offshore and onshore projects, was bought for £1.5 million in cash, funded by Hallin’s existing resources, in an agreement that included the same value in shares.

An additional sum of up to £1.65 million could be due based on the acquired company’s growth by the end of 2010.

The acquisition gives Hallin exposure to early stage development projects, while Prospect gains access to clients in the Asia Pacific region.

Hallin chief executive John Giddens said this is the company’s first acquisition and it took a long look at several subsea engineering businesses before choosing Prospect.

“Until now Hallin’s rapid expansion has been solely through organic growth,” he added. “Looking forward, we see further profitable organic expansion and do not rule out further acquisitions that will add real value to Hallin.”

Post-completion, Prospect will continue to be run by its management under its existing brand as part of Hallin.

Hallin was established a decade ago to provide marine and underwater services to the offshore industry. Its operations currently cover India, China, Africa, the Middle East, the US, Russia and the UK.

Prospect was formed in 1999 and employs some 40 people at offices in Aberdeen, Derby, Stavanger and Houston. In the year to January 2008, it made an operating profit of some £200,000 from a £2.5 million turnover.

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