Energy News Beat
ENB Pub Note: Interesting merger through a stock buyout. Their 3 offshore vessels work in oil, gas, and look to be some renewable energy. So, a shift looks to be happening to support both offshore wind and oil and gas drilling.
Norwegian ocean services contractor DeepOcean has acquired Australia’s subsea services provider Shelf Subsea.
DeepOcean has acquired 100% of the shares in Shelf Subsea, expanding its footprint into Southeast Asia, Australia, and the Middle East. Financial details of the deal were not disclosed.
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, various subsea installation equipment, plus a number of diving systems.
The combined group will have approximately 1,800 employees and generate more than $1bn in revenue. Shelf Subsea will be integrated into DeepOcean and will form the company’s business region, DeepOcean APAC.
The transaction enables a global expansion of DeepOcean’s operating model and access to a versatile subsea fleet. The acquisition also opens up the APAC and the Middle East markets, which have an increasing demand for subsea IMR and recycling services, and a growing offshore wind market.
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The post DeepOcean expands into APAC and Middle East with Shelf Subsea buy appeared first on Energy News Beat.
