DeepOcean has acquired Shelf Subsea to establish a unified subsea services provider with expanded operations in the Asia-Pacific and Middle East regions, the company said on Thursday.
The acquisition brings together DeepOcean’s North Sea expertise with Shelf Subsea’s presence in Southeast Asia, Australia and the Middle East. With around 1,800 employees and expected revenues above USD 1 billion, the merged company aims to deliver comprehensive subsea services globally.
“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,” DeepOcean CEO Øyvind Mikaelsen said.
“We look forward to combining our leading technology and innovative solutions with Shelf Subsea’s operations in the 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.”
Shelf Subsea’s services align with DeepOcean’s core operations, including subsea engineering, project management, IMR, installation, removal and recycling. The company will be integrated into DeepOcean as the APAC regional business.
“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.
Shelf Subsea operates a fleet that includes multipurpose dive support vessels, ROVs, subsea installation equipment and diving systems. Its international footprint includes offices in Singapore, Indonesia, Malaysia, Papua New Guinea and Saudi Arabia, supporting its engineering, IMR and decommissioning activities across the Asia-Pacific and Middle East regions.
DeepOcean, headquartered in Norway, provides subsea engineering and operations for the offshore oil and gas and renewables sectors. Its capabilities include project execution, inspection, maintenance and repair, and the use of a proprietary subsea tool pool and remotely operated vehicles.