Triton completes sale of DeepOcean to single asset continuation vehicle
Oslo, 24 March 2025 - Triton Fund IV (“Triton IV”) has completed the sale of DeepOcean, a world-leading ocean services provider, to a newly-formed single asset continuation vehicle. The new vehicle closed at a premium to its Q2 2024 reference NAV following a competitive auction process.
The sale provided Triton IV investors with a return of 4.8x MOIC on the combined invested capital, or the option to roll into the new vehicle to participate in DeepOcean’s future growth.
Significant capital was provided by new and existing institutional investors; DeepOcean’s management team; and by Triton’s executives in alignment with both new and rolling investors. A portion of the new commitments will be available to DeepOcean to use as follow-on capital to support continued growth.
DeepOcean was originally acquired by Triton in 2016 and supports the energy transition and sustainable use of ocean resources through services including surveying; engineering; inspection, maintenance & repair; installation and recycling. DeepOcean has experienced strong growth, and its EBITDA has increased by approximately 6x during Triton’s ownership to date.
Kristian Diesen, Investment Advisory Professional at Triton stated: “DeepOcean has been transformed under Triton’s ownership to a market leading partner for blue-chip energy sector clients seeking technology driven, efficient, and innovative ocean solutions. This sale helps meet investors’ demand for liquidity while allowing Triton to continue to invest in DeepOcean’s growth in a $7 billion addressable market.”
About DeepOcean
DeepOcean is a world-leading ocean services provider, enabling energy transition and sustainable use of ocean resources, offering survey, engineering, project management, installation, maintenance, and recycling services for oil and gas, offshore renewables, deep sea minerals, and other ocean services.
Globally, 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.
DeepOcean is owned by Triton, a leading European mid-market sector-specialist investor. As an active owner, Triton supports its portfolio companies to reach their full potential and works closely with DeepOcean to drive value creation. Founded in 1997, Triton invests in businesses that provide important goods and services in the Business Services, Industrial Tech, Healthcare, and Consumer sectors.
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.
