Solstad Subsea Holding AS (Solstad), a wholly owned subsidiary of Solstad Offshore ASA, is set to acquire a 35.8% ownership share for an undisclosed amount in ROV, tooling, personnel, survey and project management services provider Omega Subsea AS, with the aim to strengthen Solstad Offshore’s position in the subsea services segment.
Solstad said that on Friday, December 20 signed certain transaction documents. It also revealed that Solstad Offshore’s investment will be settled partly in cash and partly through contribution-in-kind of its current 49.99 percent ownership in Omega Subsea Robotics AS.
Omega Subsea, with offices in Norway and the UK and 400 employees approximately, is for 2024 expected to deliver revenue of approximately of NOK 800 million, with a result before tax of approximately NOK 100 million, according to Solstad’s press release.
The deal is expected to close in the first quarter of 2025, subject to customary closing conditions including approval from the Norwegian Competition Authority, satisfactory due diligence and final transaction documentation.
“This investment strengthens our Service offering and gives us ownership in the solid competence that Omega Subsea AS holds. The cooperation with Omega Subsea provides customers with easy access to value-added services that they often require,” said Lars Peder Solstad, CEO of Solstad Offshore ASA.
“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. The investment in Omega Subsea will enable Solstad Offshore to capitalize more strongly on this projected market growth,” added Lars Peder Solstad.
Following completion of all transactions, Omega Subsea AS will own 100 percent of Omega Subsea Robotics AS. Shareholders of Omega Subsea AS will be Omega AS (60%), Solstad Subsea Holding AS (35.8%) and key employees of Omega Subsea (4.2%).
Solstad Offshore, owner and operator of a large fleet of offshore vessels, said its focus remains on being an owner and operator of offshore vessels on dayrate-basis and that it has no intention of being a contractor.
Omega Subsea Robotics AS was established in 2022 as an industrial collaboration between Solstad Offshore and Omega Subsea, with the goal of making joint investments in ROV systems and associated equipment.
The company has an ROV fleet consisting of 12 integrated and ordered ROV systems. Eight ROV systems are already mobilized onboard selected Solstad vessels while the four remaining ROVs are planned for integration throughout 2025.
