Completed wind-down of DeepOcean’s UK Cable Lay & Trenching business

Oslo, 26 January 2020: DeepOcean today confirms that the restructuring and wind-down process of its UK Cable Lay & Trenching business, announced on November 18 2020, has been successfully completed.

Through the completion of the wind-down and with further secured long-term financing from its lenders and owners, DeepOcean is now on a sound financial footing with a strong platform for further growth.

We are pleased that the plan for a solvent wind-down, which was based on a difficult, but necessary decision following a long period of sustained losses for the division, has been approved. The company can now move forward with a sound financial footing, and our strategy and ambition to be the leading, globally recognized, locally differentiated, subsea services provider remains.”, said Øyvind Mikaelsen, CEO of DeepOcean.

 

About DeepOcean
DeepOcean is a leading, subsea services provider, servicing any equipment with specialized expertise. We serve the Oil and Gas and Offshore Power markets with Inspection, Maintenance and Repair, Subsea Construction, and Project Management and Engineering through Life-of-Field from inception to decommissioning. We deliver value to three subsea markets; Inspection, Maintenance and Repair, Subsea Construction, with State-of-the-art vessels, over 50 ROVs, 12 subsea intervention assets, and an in-house tool manufacturing and extensive ready to use tool pool. The company has offices in Norway, UK, US, Mexico, Ghana, Congo, and France. We are globally recognized, locally differentiated.