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Diversified DeepOcean reports 42 percent revenue growth

Jun 6, 2022

Ocean services provider DeepOcean announced revenues of USD 499.4 million in 2021, an increase of 42 percent versus the prior year (2020: USD 352.5 million).

“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,” says Øyvind Mikaelsen, CEO of DeepOcean Group.

DeepOcean has in recent years pursued a strategy of expanding its footprint and applying the specialist subsea engineering and project management competence the company has built up within offshore energy industries to other ocean-based industries.

Strategic structural moves

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

DeepOcean established Windstaller Alliance together with Aker Solutions and Solstad Offshore to provide a complete offering within offshore wind. DeepOcean also invested to become the majority owner of Adepth Minerals, a company built for sustainable exploration and extraction of marine minerals.

Earlier this year, DeepOcean acquired Norwegian engineering and technology company Installit to strengthen the group’s offering within offshore renewables. DeepOcean has also moved its corporate headquarters back to Norway and further strengthened its remote operations offering through the company’s Remote Operations Center in Haugesund, Norway.

Today, DeepOcean delivers subsea services within oil and gas, removal and recycling of subsea infrastructure, offshore renewables, mining of marine minerals, and to other ocean-based industries such as aquaculture and defense.

Strong growth

In 2021, DeepOcean delivered consolidated revenues of USD 499.4 million, up from USD 352.5 million in 2020. This represents a revenue growth of 42 percent. The group’s profit after tax was USD 25 million, versus USD -3.2 million the prior year. All financial figures exclude discontinued operations.

“Survey and IMR services for the offshore oil and gas industry remain our largest revenue drivers, but diversification into other industries has created a much more robust and future-proof DeepOcean,” says Frode Garlid, CFO of DeepOcean Group.

DeepOcean has approximately 1,000 employees divided across offices and facilities in 10 countries across Europe, West Africa and North America. All regions contributed positively towards DeepOcean’s revenue growth in 2021.

DeepOcean secured order intake of USD 542 million in 2021 and had an accounting order backlog of USD 272 million at year-end 2021, which represents an increase of 31 percent from 12 months earlier.

“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,” concludes Øyvind Mikaelsen.