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DeepOcean acquires Delta Subsea


Haugesund (Norway) and Houston (Texas USA), 23rd April 2018 - DeepOcean has acquired Delta SubSea LLC and expanded its presence into the US Gulf of Mexico.
Delta SubSea is an agile and cost effective provider of Inspection Maintenance and Repair (IMR) and light construction services with a strong focus on the US Gulf of Mexico (GOM) and US based customers with international operations such as West Africa, Trinidad & Tobago and Guyana. The company owns and operates ten Schilling manufactured Remote Operated Vehicles (ROVs) from its operating base in Montgomery, Texas. Delta SubSea has a proven track record of delivering IMR and construction support services to a variety of international oil companies in its core markets. The entire ROV fleet is currently mobilized on a fleet of six state-of-the-art subsea construction vessels of which four are Jones Act complaint. Delta SubSea has an engineering and consulting division and an in-house subsea tooling solutions division that supports customers with innovative and fit for purpose tooling solutions. 
The GOM is a key region for DeepOcean and owning and expanding a platform for the provision of life-of-field subsea services to our customers is one of our main strategic objectives. This acquisition will allow DeepOcean to expand its current operations in the Mexican segment of the GOM into the US segment of the GOM. Delta SubSea will also be DeepOcean’s vehicle for offshore renewables projects in US waters. “We are excited that Delta SubSea’s President Scott Dingman and the Delta organisation have decided to join DeepOcean. Scott will play a key role in DeepOcean’s GOM activities”, said Ottar K. Mæland, DeepOcean’s interim CEO.  
Scott Dingman, President of Delta SubSea stated, “I view this as a great opportunity to continue to build on the successes of Delta SubSea and DeepOcean. Going forward we will be able to offer our clients a broader set of comprehensive engineering and subsea services in a significantly broader geographic context. Delta SubSea’s track record and experience will be complemented by DeepOcean’s experience in SURF, trenching and power cable installation, larger scale projects, project management and engineering capabilities. It is a very exciting time at Delta for all of us and we are looking forward to the expanded services that this acquisition allows Delta SubSea to offer to our clients”.
The parties have agreed not to disclose the purchase price.

About Delta SubSea

Delta SubSea is a US company specialized in IMR and subsea work by ROVs with operations in US, Trinidad & Tobago, Latin America, Mexico and the Mediterranean. The company employs approximately 70 FTEs and reported revenues of approximately USD 35m. The company has local branches enabling rapid response, closeness to clients, logistical support and quality of operational monitoring. Delta SubSea also has an engineering and consulting division and an in-house subsea tooling solutions division that supports customers with innovative and fit for purpose tooling solutions. 

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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 offers a breadth of subsea services, including Survey and Seabedmapping, Subsea Installation (SURF), Seabed Intervention, Inspection, Maintenance and Repair (IMR), and Decommissioning. 
This strong portfolio of services, coupled with a fleet of owned and controlled specialized equipment and multi-purpose support spreads, 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, 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 an efficient offshore service provider operating in the oil and gas, offshore renewables and electrical power transmission industries, with offices in Norway, United Kingdom, United States, Netherlands, Mexico, Ghana, Congo and Dubai. 

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Funds advised by Triton are the largest shareholder of DeepOcean. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe, Italy and Spain. The 37 companies currently in Triton’s portfolio have combined sales of over €14.3 billion and around 91,000 employees.  

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Press Contacts

Fredrik Hazén
Ottar Kringen Mæland, Interim CEO DeepOcean