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National University System Completes Acquisition of College of Oceaneering

January 25, 2002

La Jolla, CA  -- The National University System has completed the acquisition of the College of Oceaneering in Wilmington California, National University System Chancellor Dr. Jerry C. Lee announced today.  Near term plans call for expansion in San Diego, he added.

The College of Oceaneering (COO) is a private institution, accredited by the Western Association of Schools and Colleges, that provides Associate of Science degrees in the fields of marine technology. Its Los Angeles Harbor facility is considered one of the most respected diver training centers in the world, educating a workforce that is in high demand among offshore energy exploration, marine development industries and engineering firms throughout the world.  The College offers three programs, educating hyperbaric medical technicians,  inspection specialists and underwater welding technicians.

"With energy needs rising, with international trade and port facilities expanding throughout the world, and with the sudden demand for higher security on ships and in harbors, economies will increasingly rely upon the graduates of such programs," said Chancellor. Lee.  "The National University System's financial strength, academic resources and track record in innovative education will facilitate expansion of these programs to meet future demand, including the development of marine technology programs in San Diego."

The Board of Trustees for National University  approved the formation of the National University System in November of last year.  Under the new System, National University and COO will become one of several independent but affiliated institutions.

The System will grow through the acquisition of colleges and the establishment of new educational entities. The leadership of System affiliates, including the President of College of Oceaneering, will report to Chancellor Lee.

Founded in 1967, the College of Oceaneering has educated more than 7,500 students and currently graduates close to 300 entry-level professionals per year. It is a key supplier to more than 250 marine construction and contracting firms within the United States, and up to 350 diving contractors internationally.  Additionally, it provides specialized training for the U.S. Coast Guard, the Army Corps of Engineers, OSHA, and various law enforcement search and rescue teams.

According to the Association of Commercial Diving Educators, commercial diving is a billion-dollar-a-year industry with more jobs currently than there are entry-level divers to fill them.  The starting salary for an entry-level diver averages between $30,000 and $40,000, and quickly advances to the $75,000 range following apprenticeship.

Inspection specialists, who utilize still photography, videography, ultrasonic testing and magnetic particle inspection, are important in certifying the safety of ships, reservoirs, bridges, warehouses, office buildings and other structures.  They play critical roles in areas of seismic activity, and will contribute invaluable services in the widening defense against terrorism, according to Dr. Lee.
Hyperbaric medicine involves therapies utilizing 100 percent oxygen, at pressures up to three times greater than normal atmospheric pressure. Its benefits extend beyond the treatment of divers, and can enhance the healing process of numerous conditions. Such therapies include hyperoxygenation, neovascularization, hyperoxia (enhanced anti-microbial activity), and vasoconstriction, which has proven extremely beneficial to burn victims.

The College of Oceaneering is one of only five commercial diving schools in the United States. It is being sold by the owners: President and CEO John Schwitters; and Vice President and Director Alek Haidos.   National's impressive track record played a decisive role in the College of Oceaneering's decision to sell, according to Mr. Schwitters.

"After several months of negotiations, I am convinced that President Lee and National University provide the College of Oceaneering with its best opportunity for future growth,"  said Mr. Schwitters. "I'm certain that National will meet the important obligations this college has to industry, law enforcement, the military, and the various ports and communities that we have traditionally served."
For more information regarding the National University System or its acquisition of the College of Oceaneering, please contact Hoyt Smith at (858) 642-8111.