DeepOcean, a provider of subsea services for the oil & gas and renewables industries, on Thursday announced a new majority owner in the company.
According to DeepOcean, funds advised by Triton will become the largest shareholder and will, in collaboration with some of the existing shareholders in DeepOcean, support the company’s growth over the coming years. DeepOcean has also raised new equity.
Through the equity raise and the future support of Triton, DeepOcean stated the company is well positioned to weather the downturn in oil & gas markets and to take advantage of growth opportunities in the oil & gas and renewables markets.
Bart Heijermans, Chief Executive Officer of DeepOcean, said: “This transaction has achieved two key objectives for DeepOcean. Firstly, in Triton we have found a strong and experienced lead shareholder with key competencies in strategy, business development and operational excellence to support the company going forward.
“Secondly, with the capital raise we have strengthened our balance sheet and improved our liquidity position and outlook. In today’s markets, having a strong owner and a solid balance sheet is an important competitive advantage as our clients increasingly focus on counterparty solidity and long-term viability when allocating contracts.”
Peder Prahl, Director of the General Partner for the Triton funds, said: “We want to support the management and employees of DeepOcean as a stable and knowledgeable owner investing in and supporting the future growth and development of the company. We will contribute with our strategic insights and operational know-how in this industry.”
Triton has followed DeepOcean closely for a long time prior to making the investment and has come to know the sector and the company well, DeepOcean said.
“DeepOcean is well positioned as one of the leading operating platforms for subsea services and can be a main driver of consolidation in its niche,” added Fredrik Brynildsen, Investment Advisory Professional of the Triton Oslo office.
The transaction is subject to regulatory approval in the relevant jurisdictions and is expected to close around New Year.