DeepOcean has entered into an agreement to acquire Norwegian engineering and technology company Installit and its subsidiaries to strengthen its offering within offshore renewables.
DeepOcean will acquire Installit from Oslo-listed Endur, a supplier of construction and maintenance projects and services for marine infrastructure.
Installit is an engineering and technology company headquartered in Oslo, Norway, providing project management and engineering services within subsea cable installation and repair, including HV cables, plus subsea installation and decommissioning.
It also provides marine operations for the marine and renewables industries.
The parties have agreed to not disclose the financial details of the transaction, which has already been completed.
“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,” said DeepOcean CEO Oyvind Mikaelsen.
DeepOcean provides survey, engineering, project management, installation, maintenance, and recycling services to offshore-based industries.
Installit will 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 to provide cost-efficient and complete product supply, fabrication and marine services offering within offshore wind and other offshore renewables segments.