Triton to acquire a majority interest in DeepOcean

24.11.2016

Oslo (Norway) / Amsterdam (Netherlands), 24 November 2016 - Funds advised by Triton ("Triton") have signed an agreement to acquire a majority interest in DeepOcean Group Holding B.V. (“DeepOcean”), a leading provider of subsea services for the oil & gas and renewables industries. The parties have agreed not to disclose the purchase price. The transaction is expected to close around New Year 2017, subject to regulatory approval in the relevant jurisdictions.

"We want to support the management and employees of DeepOcean as a stable and knowledgeable owner in 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. We look forward to working together with the management team and the Board of Directors in building an even stronger company", said Peder Prahl, Director of the General Partner for the Triton funds.

“This transaction has achieved two key objectives for DeepOcean. Firstly, in Triton we have found a new reputable 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 ensured a significant strengthening of our balance sheet and an improved liquidity position and outlook. In today’s markets, having a strong and committed owner and a solid balance sheet is an important competitive advantage as our clients’ increasingly focus on counterparty solidity and long-term viability when awarding contracts”, said Bart Heijermans, Chief Executive Officer of DeepOcean.

“DeepOcean is well positioned as one of the leading operating platforms for subsea services, and will be a main driver of consolidation in this market”, added Fredrik Brynildsen, Investment Advisory Professional of the Triton Oslo office.

About DeepOcean

DeepOcean is an integrated provider of safe, high quality, innovative services and technologies for the subsea industry. Demonstrating an extensive track record, DeepOcean Group offers a breadth of subsea services, including Survey and Seabed-mapping, Subsea Installation (SURF), Seabed Intervention, Inspection, Maintenance and Repair (IMR), and Decommissioning for the oil & gas, renewable and power transmission industries.

This strong portfolio of services, coupled with a fleet of 15 owned and chartered vessels and an extensive mission equipment portfolio comprising of 40 ROVs, 16 trenchers, 3 Module Handling Systems, 1 geotechnical drilling rig and several dredging and excavation systems, enables DeepOcean to bundle its subsea services to deliver cost-effective, tailored solutions to meet individual client needs.

DeepOcean strives for relentless customer focus and operational excellence, which is supported by a global team of highly professional and experienced project teams. The company delivers innovative engineering solutions and turnkey project management for complex offshore operations.

The company is a leading IMR Contractor and trenching operator in the Greater North Sea and has a global presence with eleven offices in Norway, UK, the Netherlands, Brazil, Mexico, Ghana, Dubai and Singapore.

For further information: www.deepoceangroup.com

About Triton

The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe, Italy and Spain. Within this European region, Triton focuses on businesses in the Industrial, Business Services and Consumer/Health sectors.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 28 companies currently in Triton's portfolio have combined sales of over €13.4 billion and around 75,000 employees.

The Triton funds are advised by dedicated teams of investment professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, Luxembourg and Jersey.

For further information: www.triton-partners.com

Press Contacts

Triton
Marcus Brans
DeepOcean Group Holding B.V.
Dennis de Vreede, Chief Financial Officer