Solstad Offshore Bolsters Ownership Stake in Omega Subsea

(Credit: Solstad Offshore)

Solstad Subsea, a wholly owned subsidiary of Solstad Offshore, has agreed to acquire a 35.8% shareholding in ROV and subsea services provider Omega Subsea for an undisclosed amount.

Following completion of all transactions, Omega Subsea will own 100% of Omega Subsea Robotics.

Shareholders of Omega Subsea will be Omega (60%), Solstad Subsea (35.8%) and key employees of Omega Subsea (4.2%).

The transaction is subject to customary closing conditions including approval from the Norwegian Competition Authority, satisfactory due diligence and final transaction documentation. Completion of the transaction is expected in the first quarter of 2025.

Omega Subsea Robotics 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. A total of eight ROV systems are already mobilized onboard selected Solstad vessels while the four remaining ROVs are planned for integration throughout 2025.

Omega Subsea is responsible for managing, operating and staffing the ROV systems in the Omega Subsea Robotics fleet. The company was established in 2012 and has 400 employees, including partners and consultants.

“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,” said Lars Peder Solstad, CEO of Solstad Offshore.