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Solstad acquires shareholding in subsea ROV provider
The Norwegian offshore support vessel owner is acquiring a stake in a remotely operated vehicle provider to strengthen its subsea services
A Solstad Offshore subsidiary is set to purchase a significant stake in Bergen, Norway-headquartered Omega Subsea to further strengthen its position in the subsea services segment.
Omega Subsea, with offices in Aberdeen, UK, provides remotely operated vehicles (ROVs), tooling, personnel, survey and project management services worldwide. It has more than 400 employees and posted a revenue of around Nkr800M (US$70M) for 2024.
“This investment in Omega Subsea strengthens our service offering and gives us ownership in the solid competence that Omega Subsea hold,” said Solstad Offshore chief executive Lars Peder Solstad. “The co-operation with Omega Subsea provides customers with easy access to the value-added services they often require.”
Omega Subsea already delivers ROVs, tools and personnel to vessels operated by Solstad companies.
“We expect the subsea services market to grow in the coming years, driven by investments in both oil and gas and new subsea infrastructure within renewable energy,” said Mr Solstad. “Investment in Omega Subsea will enable Solstad Offshore to capitalise more strongly on this projected market growth.”
Solstad Subsea Holding is acquiring a 35.8% shareholding in Omega Subsea for an undisclosed amount. Following completion of this transaction, expected during Q1 2025, Omega group will own 60%, with the other 4.2% owned by employees of Omega Subsea.
“This partnership will allow us to continue developing our services and meeting the needs of our clients,” said Omega Subsea general manager Trond Berge. “The subsea market is evolving rapidly, and this agreement positions us to enhance our offerings. It is a natural next step as we strive to deliver even greater value to our customers,” added Mr Berge.
“We look forward to continuing the collaboration with Solstad and further enhancing our position in the subsea services market.”
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