DeepOcean acquires Shelf Subsea to create a global subsea player
Oslo (Norway), 22 May 2025 - DeepOcean, a Triton portfolio company and world-leading ocean services provider, has acquired Shelf Subsea, an independent provider of subsea services with a strong position in Southeast Asia, Australia, and the Middle East. This complementary acquisition significantly reinforces DeepOcean’s capabilities and its global footprint.
Since acquiring DeepOcean in 2016, Triton has supported its transformation journey from a European player into a world-leading ocean services provider that supports the energy transition and the sustainable use of ocean resources. This has been achieved by shifting the company to an asset-light business model, refocusing on its core offering, and increasing its geographical reach in key markets. Today, DeepOcean provides a full range of services to clients within offshore renewables, oil & gas, ocean minerals, and other non-energy niches.
The acquisition of Shelf Subsea marks the sixth add-on acquisition under Triton’s ownership, following the acquisitions of Btwn (2024), Installit (2022), Adepth Minerals (2021), Delta Subsea (2018) and Searov Offshore (2017). In addition to expanding the business’ global reach into Southeast Asia, Australia and the Middle East, the transaction will underpin the group’s growth. Following the transaction, the combined group will employ approximately 1,800 people and is expected to generate over USD 1 billion in annual revenue.
Øyvind Mikaelsen, CEO of DeepOcean, commented: “DeepOcean and Shelf Subsea offer similar services but have distinct geographical strongholds that complement each other effectively. When combined, we will provide customers worldwide with access to a comprehensive pool of expertise and capabilities. We look forward to combining our leading technology and innovative solutions with Shelf Subsea’s operations in the APAC region, as well as gaining valuable learnings from their leading project model. We are very impressed by the customer relations built up by the management of Shelf Subsea.”
About DeepOcean
DeepOcean is a world-leading ocean services provider, enabling energy transition and sustainable use of ocean resources, offering survey; engineering; project
management; inspection, maintenance, and repair (IMR); installation and recycling services for oil and gas; offshore renewables; deep sea minerals; and other ocean services. The company has a presence across Norway, the UK, France, the US, Mexico, Guyana and West Africa.
Across the global offices, DeepOcean is a trusted independent solutions provider with highly skilled industry experts, using world-class fit-for-purpose tools and technology to drive cost-efficient and safe operations. The company delivers innovative engineering solutions focusing on remote and unmanned operations and digitally enabled services while continuously striving to lower the carbon footprint.
About Triton
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.
Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
