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    DeepOcean and Oceanteam complete merger

    News // August 24, 2005

    DeepOcean and Oceanteam in Norway have completed their merger, a deal that will allow the combined group to expand its area of operations to Mexico and to the southern part of the North Sea.

    DeepOcean CEO Kåre Johannes Lie said the new company was likely to acquire more ROVs and noted that shipowner Østensjø, with whom DeepOcean has a longstanding relationship, has ordered a new IRM vessel for use by the newly merged company.

    DeepOcean signed a Letter of Intent with Oceanteam earlier this summer for the merger of the two companies, a new share issue, and the planned introduction of the merged company on the Oslo Stock Exchange.

    Oceanteam primarily operates in Mexico with the DP2 vessels Atlantic Challenger (shown here, which is owned by Oceanteam) and Arbol Grande, chartered on a long term contract.

    The company has about 40 employees and offices in Ciudad Del Carmen in Mexico, Amsterdam and Den Helder in the Netherlands, Norwich and Aberdeen in the UK, and bergen, Norway.

    The company co-operates and is partly owned by the subsea company Diavaz, which is one of the larger subsea suppliers to Pemex in Mexico.

    Now that the merger has been completed, the new company will remain as DeepOcean ASA, with its head office and group management in Haugesund, Norway with Kåre Johannes Lie as CEO and Gerhard Skåleskog as Chief Financial Officer (CFO).

    The new merged DeepOcean ASA will have 140 employees and a turnover of Nkr 600 milion, which represents an increase of more than 20 per cent compared to 2004.


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