DeepOcean Invests in Deep-sea Mineral Mining Firm

DeepOcean, a provider of subsea services to the offshore energy industry, has agreed to invest and take a majority stake in ADEPTH Minerals, a company focused on sustainable exploration and extraction of marine minerals.

ADEPTH was founded in Bergen, Norway in 2020 by an experienced team with complementary experience from geoscience and subsea operations.

According to a press statement issued by DeepOcean on Monday,  ADEPTH operates with the aim to deliver sustainable exploration and extraction of marine minerals through environmentally responsible marine operations using new, low carbon technology and by integrating big data and artificial intelligence for prospect analysis and risk assessment. 

 Øyvind Mikaelsen, CEO DeepOcean Group: "Alongside our continued core service segment of oil & gas and our increasing exposure to offshore renewables, deep-sea minerals is an additional area where we see great potential for DeepOcean." Mikaelsen did not say how much money exactly DeepOcean would invest.

"By bringing our subsea and project execution experience to ADEPTH, we will together strive to support and e nable the energy transition and sustainable use of ocean resources, by means of sourcing and extracting sought-after materials in an environmentally responsible manner."

According to the company, ADEPTH has been an active participant in the impact assessment program for mineral extraction activities on the Norwegian continental shelf and aims to participate in the first Norwegian licensing round, which is expected from 2023. 

"With DeepOcean’s majority ownership, ADEPTH Minerals will continue to operate as a standalone company and brand, benefiting from the full support of the group’s joint resources and vast subsea experience. Furthermore, the investment and DeepOcean’s expertise will enable ADEPTH to conduct a planned environmental research expedition in collaboration with the University of Bergen and Seabed Solutions (ADEPTH’s second largest shareholder). This collaboration builds on the common goal to create transformation through the development of a sound platform for exploration of deep-sea minerals," DeepOcean added.

Anette Broch Mathisen Tvedt, CEO and co-founder of ADEPTH: "With the Norwegian continental shelf possibly opening for deep-sea mineral exploration in 2023, we are taking the opportunity to be part of what will be a new high potential industry for Norway, which provides one of few regulated and sustainable frameworks for mining minerals globally. 

"Through the transaction with DeepOcean, ADEPTH gains a new partner with an industrial perspective that has long-standing project management experience within the subsea field and provides an operational platform to support our goal of becoming a leading deep-sea mineral exploration company.”

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