Solstad Subsea Holding, a wholly owned subsidiary of Solstad Offshore, has signed certain transaction documents whereby Solstad will acquire a 35.8% ownership share in Omega Subsea, thereby further strengthening Solstad Offshore’s position in the subsea services segment.

Omega Subsea is a provider of remotely operated vehicles (ROV), tooling, personnel, survey, and project management services to the global subsea industry. Omega Subsea has offices in Norway and the U.K. and has approximately 400 employees. For 2025, the company is expected to deliver revenue of approximately of NOK800 million (nearly US$70 million), with a result before tax of approximately NOK100 million (US$9 million).

Omega Subsea’s revenue has more than tripled since 2022, with associated exponential growth in profitability. This growth has, to a large degree, been driven by its current cooperation with Solstad Offshore, where Omega Subsea delivers ROVs, tools, and personnel to vessels operated by Solstad companies.

Solstad Offshore’s focus remains being an owner and operator of offshore vessels on day-rate basis and has no intention of being a contractor. However, its services offering provides clients with access to more complete delivery.

Solstad Offshore’s investment will be settled partly in cash and partly through contribution-in-kind of its current 49.99% ownership in Omega Subsea Robotics.

Following completion of all transactions, Omega Subsea will own 100% of Omega Subsea Robotics. Shareholders of Omega Subsea will be Omega (60%), Solstad Subsea Holding AS (35%) 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 scheduled for the first quarter of 2025.

For Solstad Offshore, the transaction will be reflected as an investment in associates and accounted for using the equity method in line with IAS 28. The company expects the transaction to result in a minor accounting impact.

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.