Bechtels Marine Science has bought Blue Ocean Technology, which was acquired by the US military for $1.1 billion.
The company said it had purchased the assets to ensure “the strategic long-term health of marine research” and its focus would be “on developing and deploying the latest technology.”
Blue Ocean Technologies was founded in 2001 and had been operating at a loss since 2011.
It had revenues of $9.6 billion in 2017, according to financial reports filed with the Securities and Exchange Commission.
Blue Ocean Technology’s founder, Steve McGovern, founded the Marine Science Society, a non-profit organization founded in 1978 to support marine science research.
He had previously founded Marine Science Alliance, an organization for the preservation and propagation of marine science.
The Marine Science Association of North America says it has not received a formal announcement of the purchase.
The Marine Science Education and Advocacy Association of America, which represents companies and academic institutions that support marine sciences research, has not responded to Business Insider’s request for comment.
Bechtels marine science acquired Blue Ocean in a $1 billion deal on Wednesday.
It said it will continue to be the largest Marine Science Provider in the United States, with a global footprint and approximately 10,000 employees.
The acquisition of Blue Ocean will add Bechteltes to the ranks of major corporations that have acquired large quantities of US marine research facilities, such as BP, Halliburton, ExxonMobil and Shell.