DeepOcean sees major revenue jump following diversification moves

DeepOcean has reported a revenue of $499.4 million for 2021, an increase of 42% from the $352.5 million in 2020, said to be driven by structural changes that the company undertook to strengthen and drive its diversification strategy.

DeepOcean secured an order intake of $542 million in 2021 and had an accounting order backlog of $272 million at year-end, which represents an increase of 31% from the prior year.

Survey and IMR services for the offshore oil and gas industry remain its largest revenue drivers, but diversification into other industries has created a much more robust and future-proof DeepOcean, Frode Garlid, DeepOcean’s CFO, said.

“After a successful but challenging turnaround job in recent years, and diversification into multiple ocean-based industries, we are proud to deliver strong growth and solid financial results for 2021,” said Øyvind Mikaelsen, CEO of DeepOcean Group.

“The combination of huge investments into offshore renewable energy, high energy prices, a potential new Norwegian industry adventure within deep-sea mining, combined with a more future-proof, asset-light strategy for DeepOcean, makes me optimistic on behalf of our future growth prospects.”

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In 2021, DeepOcean made a number of structural changes to strengthen and drive its diversification strategy.

DeepOcean established Windstaller Alliance with Aker Solutions and Solstad Offshore to provide a complete offering within offshore wind, as well as invested to become the majority owner of Adepth Minerals.

Earlier this year, the company acquired Norwegian engineering and technology firm Installit to strengthen its offering within offshore renewables.

DeepOcean has also moved its corporate headquarters back to Norway and strengthened its remote operations offering through its Remote Operations Center in Haugesund, Norway.

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