DeepOcean Gets New Majority Owner
Subsea contractor DeepOcean has a new majority owner in the company.
Funds advised by a private equity investment firm, Triton, will become the largest shareholder and should, in collaboration with some of the existing shareholders in DeepOcean, support the company’s growth over the coming years.
DeepOcean has also strengthened the company’s balance sheet and liquidity with an equity raise. Through the equity raise and the future support of Triton, DeepOcean said it is well positioned to weather the downturn in oil & gas markets and also to take advantage of growth opportunities in the oil & gas and renewables markets.
“This transaction has achieved two key objectives for DeepOcean. Firstly, in Triton we have found a strong and experienced 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 strengthened our balance sheet and improved our liquidity position and outlook. In today’s markets, having a strong owner and a solid balance sheet is an important competitive advantage as our clients increasingly focus on counterparty solidity and long-term viability when allocating contracts,” said Bart Heijermans, chief executive officer of DeepOcean. “We are grateful for the support from all stakeholders, employees, shareholders, lenders, ship owners and off course Triton, for this transaction.”
“We want to support the management and employees of DeepOcean as a stable and knowledgeable owner 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.
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.
Carnegie AS acted as lead advisor to DeepOcean in the transaction. Blue Capital Management also advised the company.