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    DeepOcean to merge with Oceanteam

    News // March 18, 2005
    DeepOcean AS in Norway has signed a letter of intent with the subsea company Oceanteam AS, who are based in Bergen, for a merger of the two companies.

    Oceanteam primarily operates in Mexico with the DP2 vessels Atlantic Challenger (owned by Oceanteam) and Arbol Grande, which is chartered. The company has about 40 employees, and a turnover of NKr 200 million.

    Following the merger, the company will continue to be known as DeepOcean. Kåre Johannes Lie will remain as Chief Executive Officer (CEO) and Gerhard Skåleskog as Chief Finance Officer (CFO).

    A final agreement will be subject to a successful due diligence, which could be completed later this month.

    The new, merged DeepOcean will have a total of 140 employees and a turnover of around NKr 600 million.

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