DeepOcean winds down UK cable lay and trenching units

Subsea services player DeepOcean has completed the restructuring and wind down of its UK cable lay and trenching business.

The restructuring process, which started in November last year, involved DeepOcean 1 UKDeepOcean Subsea Cables and Enshore Subsea.

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Deepocean said that through the completion of the wind down and with further secured long-term financing from its lenders and owners, the company is now on a sound financial footing with a strong platform for further growth.

Øyvind Mikaelsen, CEO of DeepOcean welcomed the approval of the plan for a solvent wind-down, which was based on a difficult, but necessary decision following a long period of sustained losses for the division.

“The company can now move forward with a sound financial footing, and our strategy and ambition to be the leading, globally recognised, locally differentiated, subsea services provider remains,” Mikaelsen concluded.