Record year with profitable growth across regions

In 2024, DeepOcean delivered revenue of USD 852 million, up 36 percent from USD 624 million in the prior year. All regions contributed to the growth. The group’s EBITDA (IFRS 16 adjusted) ended at USD 138 million, a significant improvement from USD 61 million in 2023.

“We have built further on our strong inspection, maintenance and repair (IMR) and recycling track-record. During 2024, we also delivered our first major project in the offshore wind segment in many years – a key milestone in extending our track-record in this industry. I find it very encouraging that we build our business to be more resilient and diversified across geographies and business lines,” says Øyvind Mikaelsen, CEO of DeepOcean.

International growth

DeepOcean experienced revenue growth and improved profitability in its key markets in Europe, the Americas and Africa in 2024.

During the year, DeepOcean expanded into Guyana and signed a framework agreement with Woodside for assets offshore Senegal. New areas where DeepOcean’s model can be most effectively applied is constantly evaluated and prioritized.

“I believe we can deploy our operating model in most regions of the globe. We remain ambitious in our growth trajectory, with the USD 1 billion revenue milestone within firm sight. We will continue to pursue organic growth by expanding into new geographical markets at a controlled pace and manner. Additionally, we are pulling other growth levers such as expanding in offshore renewables and other ocean industries, as well as evaluating inorganic opportunities.

Enhance technology leadership

DeepOcean’s operating model is grounded in the integration of specialized engineering expertise, robust project management, proprietary technology, and subsea tools, complemented by high-spec assets. Throughout 2024, DeepOcean has pushed the boundaries of underwater technology. The autonomous inspection drone (AID) represents the future of inspection technology. It combines advanced autonomous functionality with flexible control options for both local and remote operation. The 2024 AID missions for all subsea structures and data capture were approved by Aker BP and executed as planned.

Digitalization is vital at DeepOcean for planning, executing, and reporting our subsea operations efficiently and accurately. DeepOcean further integrated digital twins, real-time data feeds, and visualization tools into operational workflows. These enhancements continue to streamline subsea campaign planning, execution, and reporting.

The uncrewed surface vessel (USV) took shape during 2024 and was recently delivered. USV Challenger is purpose-built for remote-controlled subsea work and the ROV has autonomous features. The vessel represents a disrupting force in the IMR market and a key tool in the energy transition toolkit.

Strong outlook

In 2024, DeepOcean booked an order intake of USD 1 469 million, more than double what was recorded the prior year. The order intake includes projects in the oil and gas industry, offshore wind, and removal and recycling of subsea infrastructure. The company’s order backlog stood at USD 1 071 million at year-end 2024.

Overall, the outlook for DeepOcean’s services in the market is strong, supported by a robust pipeline of projects and a commitment to innovation and sustainability. In parallel, a significant wave of decommissioning and asset recycling is emerging in the UK North Sea. DeepOcean is well-positioned across its operating regions to capture a strong share of the market through its proven capabilities and track record in sustainable subsea operations.

“DeepOcean reflects on a record breaking 2024 that reinforced our position as a world leading ocean services provider. The group delivered strong financial results, executed complex projects across multiple regions, and continued to build a resilient platform for long-term value creation. This is a testament to the upward trajectory DeepOcean has been on the last few years, our proven operating model, capital light balance sheet, and solid cash conversion,” says Frode Garlid, CFO of DeepOcean.

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(ENDS)

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For further information, please contact:

Kjetil Sørum

M | +47 996 02 964

E  | communications@deepoceangroup.com  

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About DeepOcean

DeepOcean is a world-leading ocean services provider, enabling energy transition and sustainable use of ocean resources, offering survey, engineering, project management, installation, maintenance, and recycling services for oil and gas, offshore renewables, deep sea minerals, and other ocean services.

Across the global offices, DeepOcean is a trusted independent solutions provider with highly skilled industry experts, using world-class fit-for-purpose tools and technology to drive cost-efficient and safe operations. The company delivers innovative engineering solutions focusing on remote and unmanned operations and digitally-enabled services while continuously striving to lower the carbon footprint.

DeepOcean is owned by Triton, a leading European mid-market sector-specialist investor. As an active owner, Triton supports its portfolio companies to reach their full potential and works closely with DeepOcean to drive value creation. Founded in 1997, Triton invests in businesses that provide important goods and services in the Business Services, Industrial Tech, and Healthcare sectors.

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