Oslo (Norway) / Amsterdam - 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.