Nordic private equity firm Triton has taken a majority stake in DeepOcean, an Oslo-based provider of subsea services for the oil, gas and renewables industries.
The deal value has not been disclosed, but the deal is expected to close around 1 January 2017. Following the transaction, Triton will be the new majority shareholder in the group alongside other existing shareholders.
DeepOcean said in a statement Triton's investment would strengthen the company's balance sheet and liquidity, as a result of the equity raised in the deal, helping to support DeepOcean's growth.
It is hoped Triton's position in the Nordic countries will help DeepOcean strengthen its presence in that region. The company will also be on the lookout for growth opportunities in the oil, gas and renewables sectors in which it operates.
According to various sources, Triton had followed DeepOcean closely for a long time prior to making the investment.
DeepOcean provides services and technology for the subsea industry, including seabed-mapping, subsea installation, seabed intervention, inspection, maintenance and repair, and decommissioning for the oil & gas, renewables and power transmission industries.
The group is mostly active in the Greater North Sea, in Norway, with a presence in the UK, the Netherlands, Brazil, Mexico, Ghana, Dubai and Singapore.
Triton – Fredrik Brynildsen (investment adviser); Peder Prahl (general partner).
Venture capital firms originally invested in the company in 2011 and 2014 respectively
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