DeepOcean said April 23 it acquired Delta SubSea LLC for an undisclosed amount, expanding the Norwegian oil services firm's presence into the U.S. Gulf of Mexico (GoM).
Delta SubSea specialized provider of inspection maintenance and repair (IMR) and subsea work by ROVs with operations in U.S. GoM as well as West Africa, Trinidad & Tobago, Guyana, Mexico and Mediterranean. The company employs about 70 full-time employees and reported revenues of roughly US$35 million, according to the release.
The company has an engineering and consulting division and an in-house subsea tooling solutions division that supports customers with innovative and fit for purpose tooling solutions. It also owns and operates 10 Schilling-manufactured ROVs from Delta SubSea's operating base in Montgomery, Texas.
The GOM is a key region for DeepOcean and owning and expanding a platform for the provision of life-of-field subsea services to customers is one of the company's main strategic objectives, the company said in a press release.
The acquisition will allow DeepOcean to expand its current operations in the Mexican segment of the GoM into the U.S. segment of the Gulf. Delta SubSea will also be DeepOcean’s vehicle for offshore renewables projects in U.S. waters.
Delta SubSea has a proven track record of delivering IMR and construction support services to a variety of international oil companies in its core markets. The entire ROV fleet is currently mobilized on a fleet of six state-of-the-art subsea construction vessels of which four are Jones Act complaint.
“We are excited that Delta SubSea’s President Scott Dingman and the Delta organization have decided to join DeepOcean. Scott will play a key role in DeepOcean’s GoM activities,” Ottar K. Mæland, DeepOcean’s interim CEO, said in a statement.
Scott Dingman, president of Delta SubSea, said in a statement: “I view this as a great opportunity to continue to build on the successes of Delta SubSea and DeepOcean. Going forward we will be able to offer our clients a broader set of comprehensive engineering and subsea services in a significantly broader geographic context. Delta SubSea’s track record and experience will be complemented by DeepOcean’s experience in SURF, trenching and power cable installation, larger scale projects, project management and engineering capabilities. It is a very exciting time at Delta for all of us and we are looking forward to the expanded services that this acquisition allows Delta SubSea to offer to our clients.”