DeepOcean expands subsea capabilities through Shelf Subsea integration
DeepOcean is stepping up its global presence through the acquisition of Shelf Subsea, a specialist in subsea services across the Eastern Hemisphere. This strategic move brings together two complementary portfolios, combining expertise and regional strength to create a more agile, wide-reaching subsea partner. With the addition of Shelf Subsea’s operations, DeepOcean now extends its reach into key growth markets in the Asia-Pacific and Middle East.
“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,” says Øyvind Mikaelsen, CEO of DeepOcean.
Expanded footprint
DeepOcean has acquired 100% of the shares in Shelf Subsea, expanding its footprint into Southeast Asia, Australia and the Middle East. The combined group will have approximately 1,800 employees and generate more than USD 1 billion in revenue.
The transaction enables global expansion of DeepOcean’s operating model founded on engineering, project management, proprietary technology, a subsea tool pool, ROVs and access to a versatile subsea fleet. The subsea markets in APAC and the Middle East are characterized by attractive fundamentals with growing demand for subsea IMR (inspection, maintenance and repair) and recycling services, and a growing offshore wind market.
Similar to DeepOcean, Shelf Subsea offers engineering and project management for subsea construction and installation, subsea survey and positioning services, subsea IMR services, and removal and recycling of subsea assets.
Shelf Subsea is headquartered in Australia, with further 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 ROVs, diverse subsea installation equipment and several diving systems.
