Solstad Subsea Holding AS (“Solstad”), a wholly owned subsidiary of Solstad Offshore ASA, has today signed certain transaction documents whereby Solstad will acquire a 35.8 percent ownership share in Omega Subsea AS – thereby further strengthening Solstad Offshore’s position in the subsea services segment, according to the company's release.
Omega Subsea AS is a market-leading provider of ROV, tooling, personnel, survey and project management services to the global subsea industry. Omega Subsea has offices in Norway and the UK and has approximately 400 employees. For 2024, the company is expected to deliver revenue of approximately of NOK 800 million, with a result before tax of approximately NOK 100 million.
Omega Subsea’s revenue has more than trebled since 2022, with associated exponential growth in profitability. This growth has to a large degree been driven by its current cooperation with Solstad Offshore, where Omega Subsea delivers ROVs, tools and personnel to vessels operated by Solstad companies.
Solstad Offshore’s focus remains being an owner and operator of offshore vessels on dayrate-basis and have no intention of being a contractor, but its Services offering provides clients with access to more complete delivery.
Solstad Offshore’s investment will be settled partly in cash and partly through contribution-in-kind of its current 49.99 percent ownership in Omega Subsea Robotics AS.
Following completion of all transactions, Omega Subsea AS will own 100 percent of Omega Subsea Robotics AS. Shareholders of Omega Subsea AS will be Omega AS (60%), Solstad Subsea Holding AS (35.8%) and key employees of Omega Subsea (4.2%). The transaction is subject to customary closing conditions including approval from the Norwegian Competition Authority, satisfactory due diligence and final transaction documentation. Completion of the transaction is expected in the first quarter of 2025.
Solstad Offshore ASA owns and operates a large fleet of offshore vessels, serving clients all over the world. Via the Service segment, the company offers a comprehensive range of services on dayrate basis to its clients, including ROV systems, survey, project manning delivery, engineering, and gangways. Solstad Services has significantly expanded over the years and continues to invest in new technologies and equipment to enhance its offerings.
Omega Subsea Robotics AS was established in 2022 as an industrial collaboration between Solstad Offshore and Omega Subsea, with the goal of making joint investments in ROV systems and associated equipment. The company has an ROV fleet consisting of 12 integrated and ordered ROV systems. 8 ROV systems are already mobilized onboard selected Solstad vessels while the 4 remaining ROVs are planned for integration throughout 2025.
Omega Subsea AS is responsible for managing, operating and staffing the ROV systems in the Omega Subsea Robotics fleet. The company was established in 2012 and has 400 employees, including partners and consultants. The company has offices in Bergen, Stavanger and Aberdeen (UK).