Ocean services provider DeepOcean has announced the acquisition of Shelf Subsea, an independent subsea services firm based in Australia.
This strategic move aims to create a formidable global player in the subsea sector, significantly expanding DeepOcean’s reach into the Asia-Pacific and Middle East regions.
The acquisition, which transfers all of Shelf Subsea’s shares to DeepOcean, comes as both companies offer complementary services with distinct geographical strengths.
Øyvind Mikaelsen, CEO of DeepOcean, expressed enthusiasm about the merger, highlighting the potential to combine their advanced technology and innovative solutions with Shelf Subsea’s established operations in the APAC region.
“This partnership will allow us to provide customers worldwide with a comprehensive pool of expertise and capabilities,” Mikaelsen said.
He also commended Shelf Subsea’s management for their strong customer relationships.
With this acquisition, the newly formed entity will boast around 1,800 employees and generate over US$1 billion in revenue.
The integration is expected to bolster DeepOcean’s operational model, which is centered on engineering, project management, and a diverse subsea fleet.
The subsea markets in the APAC and Middle East regions are rapidly evolving, driven by increasing demand for subsea inspection, maintenance, and repair (IMR) services, as well as the burgeoning offshore wind sector.
Shelf Subsea, which employs approximately 200 staff and operates a fleet of three multipurpose dive support vessels along with multiple ROVs, is well-positioned to enhance DeepOcean’s service offerings.
Colin McGinnis, CEO of Shelf Subsea said: “The integration will provide customers with a more flexible and comprehensive suite of services, leveraging DeepOcean’s autonomous technologies and remote operations solutions.”
Shelf Subsea will be integrated into DeepOcean’s operations as the new DeepOcean APAC region.
Mikaelsen indicated that the companies would soon begin sharing resources and competencies to better serve both existing and potential clients.
The financial terms of the transaction have not been disclosed.
