Oceaneering to Sell Its Entertainment Unit to Infinite Acquisitions

Oceaneering International, Inc. OII and Infinite Acquisitions Partners LLC recently announced that they have entered into a nonbinding Letter of Intent (LOI) to acquire Oceaneering Entertainment Systems (OES) from OII through the purchase of assets.

Infinite Acquisitions also entered into a nonbinding LOI with Falcon’s Beyond Global, another leader in themed entertainment and immersive storytelling, to operate OES.Infinite Acquisitions holds a majority stake in Falcon’s Beyond.

OES has been an award-winning leader in the entertainment and show equipment industry for 25 years and is known for developing world-class theme parks, complex rides and show systems.

OES and Falcon’s Global have teamed up to develop several theme park projects globally over the last two decades. As the owner of OES, Infinite Acquisitions would use Falcon’s Beyond’s proficiency to develop several future-forward rides and theatres and retain key OES employees to operate the company efficiently.

Infinite Acquisitions states that Falcon’s expertise in the entertainment industry makes it a great fit to operate OES and further amplify its brand name.

The strategic move would boost Falcon’s Beyond’s goodwill as a world-class entertainment provider. The company, upon completion of the transaction, plans to continue with the existing OES’ customers, providing them with the same high-quality service.

Currently, the transactions between Infinite Acquisitions, OII, OES and Falcon’s Beyond are nonbinding and under discussion and will be finalized upon due diligence; therefore, there is no assurance that a binding agreement for the transactions will be executed.

Houston, TX-based Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Currently, OII has a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at some better-ranked stocks like Mach Natural Resources LP MNR, Enerflex Ltd. EFXTand Targa Resources Corp. TRGP. While Mach currently sports a Zacks Rank #1 (Strong Buy), Enerflex and Targa Resources each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Mach Natural Resources LP is an independent upstream oil and gas company that focuses on acquiring, developing and producing oil, natural gas and natural gas liquids reserves. The Zacks Consensus Estimate for MNR’s 2024 earnings indicates 200% year-over-year growth.

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