DeepOcean eyes offshore renewables growth with new acquisition

DeepOcean has acquired the Norwegian engineering and technology company Installit and its subsidiaries in order to accelerate offshore renewables growth.

Founded in 2000, Installit provides project management and engineering services within subsea cable installation and repair, including HV cables, subsea installation and decommissioning, and marine operations for the marine and renewables industries.

The Oslo-headquartered company will be integrated into DeepOcean, operate under the DeepOcean brand and establish DeepOcean’s engineering hub in Oslo.

DeepOcean bought the company from Endúr. The parties did not disclose the financial details of the transaction.

“The acquisition of Installit demonstrates DeepOcean’s focus on supporting and enabling the energy transition. It accentuates DeepOcean’s engineering competence in key growth areas and increases our competence base within offshore renewables,” said Øyvind Mikaelsen, CEO of DeepOcean.

”Installit’s expertise in high voltage cable installation and nearshore operations complements DeepOcean’s cable repair and renewables offerings. Together we will bring competitive solutions to the market.”

This acquisition follows DeepOcean’s last year’s move to establish the Windstaller Alliance together with Solstad Offshore and Aker Solutions.

The Alliance aims to provide, as the company says, the world’s most cost-efficient and complete product supply, fabrication and marine services offering within offshore wind and other offshore renewables.

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