Subsea services company DeepOcean has agreed to acquire the Norwegian engineering and technology company Installit AS from Oslo-listed Endúr ASA to strengthen the group’s offering within offshore renewables.
DeepOcean and Endure have agreed to not disclose the financial details of the transaction, which has already been completed.
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.
The company 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.
“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, which provides survey, engineering, project management, installation, maintenance, and recycling services to offshore-based 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,” Mikaelsen adds.
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 a complete product supply, fabrication and marine services offering within offshore wind and other offshore renewables sectors.
“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,” Mikaelsen said.