Soltstad to acquire 35.8 percent stake in Omega Subsea

Solstad Offshore subsidiary Solstad Subsea Holding will acquire a 35.8 per cent ownership share in Omega Subsea in order to strengthen the company's position in the subsea services segment.

Omega Subsea is a provider of ROV, tooling, personnel, survey and project management services to the global subsea industry.

Omega Subsea has offices in Norway and the UK and has approximately 400 employees. For 2024, the company is expected to deliver revenue of approximately of NOK800 million (US$70 million), with a result before tax of approximately NOK100 million.

Omega Subsea’s revenue has more than trebled since 2022, with associated growth in profitability, largely driven by its current cooperation with Solstad Offshore, to which Omega Subsea delivers ROVs, tools and personnel to vessels operated by Solstad companies.

Solstad Offshore said its focus remains being an owner and operator of offshore vessels on dayrate-basis and has no intention of being a contractor, but that its services offering provides clients with access to more complete delivery.

“The cooperation with Omega Subsea provides customers with easy access to value-added services that they often require,” said Lars Peder Solstad, CEO of Solstad Offshore.

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

Following completion of all transactions, Omega Subsea will own 100 per cent of Omega Subsea Robotics. Shareholders of Omega Subsea will be Omega (60 per cent), Solstad Subsea Holding (35.8 per cent) and certain employees of Omega Subsea (4.2 per cent).

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.