Ocean services provider DeepOcean said it has acquired subsea services provider Shelf Subsea.
The acquisition creates “a global subsea services player with an extensive portfolio of solutions” and adds coverage of the Asia-Pacific and Middle East regions, DeepOcean said in a news release. Financial terms of the acquisition were not disclosed.
DeepOcean acquired 100 percent of the shares in Shelf Subsea, with the combined group having approximately 1,800 employees and generating more than $1 billion in revenue, the company said. Shelf Subsea will be integrated into DeepOcean and will form the company’s business region, DeepOcean APAC.
Shelf Subsea offers engineering and project management for subsea construction and installation, subsea survey and positioning services, subsea inspection, maintenance and repair services, as well as removal and recycling of subsea assets, according to the release.
Shelf Subsea is headquartered in Australia, with offices in Singapore, Indonesia, Malaysia, Papua New Guinea, and Saudi Arabia. The company has approximately 200 employees. It currently operates a fleet of three chartered multipurpose dive support vessels, multiple remote operated vehicles, various subsea installation equipment, and a number of diving systems, the release 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 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,” Deep Ocean CEO Øyvind Mikaelsen said.
“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,” Shelf Subsea CEO Colin McGinnis said.
“We will begin sharing competencies and assets to provide both current and prospective customers with access to the combined resource portfolio of DeepOcean and Shelf Subsea in the near future,” Mikaelsen said.
Framework Agreements Signed with Vattenfall
In March, DeepOcean said it was awarded framework agreements by Vattenfall for the provision of subsea cable operations and maintenance services for Vattenfall’s operational European offshore wind portfolio.
The framework agreements are valid for a period of four years and apply to Vattenfall’s offshore wind farms in Denmark, the United Kingdom, Germany, the Netherlands, and Sweden, according to an earlier statement.
Under the framework agreements, DeepOcean will provide project management, engineering, pre-installation surveys, offshore transportation of cables, trenching, cable installation and jointing, termination and testing, post-installation surveys, plus recovery and disposal of damaged cables. The scope is specific to Vattenfall’s operating assets, which introduces additional requirements in terms of response time and technical ingenuity, DeepOcean said.
“We welcome the opportunity to support Vattenfall’s generation of renewable energy through [these] framework agreements. We have over 25 years’ experience in subsea installation and Inspection, Maintenance and Repair (IMR) work. We look forward to applying our specialist expertise to Vattenfall’s subsea infrastructure,” Mikaelsen said.
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