DeepOcean, an ocean services provider, has acquired 100% of the shares in Shelf Subsea, an independent subsea services company with a strong presence in the eastern hemisphere, according to the company's release.
This acquisition aims to create a global subsea services entity with an extensive portfolio, now including the Asia-Pacific and Middle East regions.
“DeepOcean and Shelf Subsea offer similar services but have distinct geographical strongholds that complement each other. When combined, we will provide customers worldwide with access to a comprehensive pool of expertise and capabilities. We look forward to combining our leading technology and innovative solutions with Shelf Subsea’s operations in the APAC region, as well as gaining valuable learnings from their leading project model. We are very impressed by the customer relations built up by the management of Shelf Subsea,” said Øyvind Mikaelsen, CEO of DeepOcean.
The combined group will have approximately 1,800 employees and generate over USD 1 billion in revenue.
Shelf Subsea, headquartered in Australia, has offices in Singapore, Indonesia, Malaysia, Papua New Guinea, and Saudi Arabia, employing around 200 people. The company operates a fleet of three chartered multipurpose dive support vessels, multiple ROVs, various subsea installation equipment, and several diving systems.
Shelf Subsea will be integrated into DeepOcean as the company's business region, DeepOcean APAC. The financial details of the transaction have not been disclosed.
DeepOcean is a privately held ocean services provider headquartered in Oslo, Norway. Established in 2011, the company offers services including inspection, maintenance, and repair (IMR), subsea construction, cable laying, and trenching. DeepOcean operates globally, serving the oil and gas and offshore renewables industries, with offices in Oslo, Haugesund, Aberdeen, Stavanger, Houston, Ciudad del Carmen, Takoradi, and Sète. The company employs approximately 1,225 people and is owned by Triton, a European mid-market sector-specialist investor.