Norwegian ocean services provider DeepOcean has acquired 100% of the shares of Shelf Subsea, an independent subsea services company based in Australia.
The move expands DeepOcean’s operational footprint into South East Asia, Australia and the Middle East.
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These regions are experiencing increasing demand for subsea inspection, maintenance and repair (IMR) services, and have burgeoning offshore wind industries.
Furthermore, the acquisition facilitates the global expansion of DeepOcean’s operational model based on access to a versatile subsea fleet, engineering, a pool of subsea tools, project management, proprietary technology and remotely operated vehicles (ROVs).
The combined group will have annual revenue exceeding $1bn and approximately 1,800 employees.
The financial details of the transaction have not been disclosed by the companies.
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By GlobalDataBoth DeepOcean and Shelf Subsea offer similar decommissioning, engineering, IMR, inspection, project management, subsea construction and installation, and subsea surveying services.
DeepOcean CEO Øyvind Mikaelsen said: “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 [Asia-Pacific] 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.”
Headquartered in Australia, Shelf Subsea operates a fleet comprising three chartered multipurpose dive support vessels, multiple ROVs, subsea installation equipment and various diving systems.
Shelf Subsea will be integrated as a new regional division named DeepOcean APAC.
Shelf Subsea CEO Colin McGinnis added: “I believe the strong industrial and geographical alignment between Shelf Subsea and DeepOcean is clear. The combined group will be able to provide customers with a more flexible and integrated suite of services.
“In addition, we look forward to gaining access to DeepOcean’s autonomous technologies and remote operations solutions, which will undoubtedly add value to our customers in the Asia-Pacific and Middle East regions.”
