DeepOcean Expands Global Footprint with Shelf Subsea Acquisition
Deal News | May 22, 2025 | Triton Partners
DeepOcean, a company under the ownership of Triton Partners, has acquired Shelf Subsea to enhance its global service capabilities and geographical reach. This strategic acquisition reinforces DeepOcean's presence in Southeast Asia, Australia, and the Middle East, aligning with its growth strategy. DeepOcean, which has been transformed from a European entity into a global ocean services provider, will benefit from Shelf Subsea's regional strength and expertise. The deal underscores Triton's strategy of supporting DeepOcean's growth through strategic acquisitions, marking the sixth such transaction under its ownership. This acquisition will increase the group’s employment to approximately 1,800 people and is expected to generate over USD 1 billion in annual revenue.
Sectors
- Ocean Services
- Private Equity
Geography
- Norway – DeepOcean, the acquiring company, is based in Norway, marking it as a significant location for the article.
- Southeast Asia – Shelf Subsea's dominance in this region is a focal point of the acquisition, highlighting its strategic importance.
- Australia – Australia is highlighted as a key strategic area where Shelf Subsea has a strong presence.
- Middle East – Shelf Subsea's operations in the Middle East contribute to the acquisition's strategic value.
Industry
- Ocean Services – The article focuses on DeepOcean and Shelf Subsea, key players in the ocean services sector, which involves activities related to offshore renewables, oil & gas, and the sustainable use of ocean resources.
- Private Equity – Triton Partners, a private equity firm, is highlighted as the owner of DeepOcean, directing their strategic growth and acquisition activities.
Financials
- Over USD 1 billion – The expected annual revenue of the combined group post-acquisition.
- 1,800 – The total employment figure anticipated after the acquisition of Shelf Subsea.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| DeepOcean | Acquirer | Company | DeepOcean is a global ocean services provider, acquiring Shelf Subsea to expand its capabilities and geographical reach. |
| Shelf Subsea | Target | Company | Shelf Subsea is an independent provider of subsea services with a presence in Southeast Asia, Australia, and the Middle East. |
| Triton Partners | Owner of Acquirer | PE Firm | Triton Partners is a private equity firm that owns DeepOcean and has led its strategic growth through multiple acquisitions. |
| Øyvind Mikaelsen | CEO of DeepOcean | Person | Øyvind Mikaelsen is the CEO of DeepOcean and is quoted discussing the strategic fit of the acquisition. |