Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Hydroid's 2007 sales are projected to approximate 20 Million USD with high profitability and is projecting strong revenue growth in the coming years. Hydroid is headquartered in Pocasset, Massachusetts, USA.
Broadens portfolio of AUV products
The acquisition of Hydroid is within Kongsberg Maritime strategy to expand in the rapidly growing market for AUV-based operations through a broader portfolio of products, wider presence in the market and focused R&D efforts. Hydroid's REMUS vehicles will complement Kongsberg Maritime's HUGIN AUV activity that began in 1995 as a joint project between FFI (Norwegian Defense Research Establishment), StatoilHydro and Kongsberg Maritime.
The acquisition is subject to governmental approvals and is expected to close during the first quarter of 2008.