04/07/2022

DeepOcean acquires Installit to accelerate offshore renewable growth

DeepOcean Group (“DeepOcean”) has entered into an agreement to acquire Norwegian engineering and technology company Installit AS and its subsidiaries (“Installit”) to strengthen the group’s offering within offshore renewables.

“The acquisition of Installit demonstrates DeepOcean’s focus on supporting and enabling the energy transition. It accentuates DeepOcean’s engineering competence in key growth areas and increases our competence base within offshore renewables,” says Øyvind Mikaelsen, CEO of DeepOcean.

DeepOcean acquires Installit from Oslo-listed Endúr ASA, which is a leading supplier of construction and maintenance projects and services for marine infrastructure. The parties have agreed to not disclose the financial details of the transaction, which has already been completed.

Subsea cable specialist

Installit is an engineering and technology company headquartered in Oslo, Norway. It was founded in 2000 by an experienced team of personnel from the renewables industry.

Installit provides project management and engineering services within subsea cable installation and repair, including HV cables, plus subsea installation and decommissioning, and marine operations for the marine and renewables industries.

”Installit’s expertise in high voltage cable installation and nearshore operations complements DeepOcean’s cable repair and renewables offerings. Together we will bring competitive solutions to the market,” says Øyvind Mikaelsen.

DeepOcean provides survey, engineering, project management, installation, maintenance, and recycling services to offshore-based industries.

Ramping up renewables

Installit will be integrated into DeepOcean,operate under the DeepOcean brand and establish DeepOcean’s engineering hub in Oslo, Norway.

DeepOcean’s acquisition of Installit follows last year’s move to establish the Windstaller Alliance together with Solstad Offshore and Aker Solutions. The Windstaller Alliance aims to provide the world’s most cost-efficient and complete product supply, fabrication and marine services offering within offshore wind and other offshore renewables segments.

“DeepOcean is taking the necessary steps to provide an even more complete offering to clients in the offshore renewables industry. Alongside our continued core service segments of oil and gas, ocean solutions and increasing exposure to offshore renewables, we see great potential for the joint Installit and DeepOcean offering in the offshore renewables market,” concludes Øyvind Mikaelsen.