COLUMN | Off the shelf, into the wind: DeepOcean buys Shelf Subsea; Empire Wind restarts; Polish project greenlighted; Dong Fang and Cadeler double down on orders [Offshore Accounts]

Unfortunately, since neither party is publicly listed, yet, financial details are sketchy. Since 2017, DeepOcean has been owned by European private equity house Triton Partners, so it doesn’t publish its financial results, only snapshots (here). So, neither DeepOcean nor its parent Triton announced the price it was paying for Perth-based subsea player Shelf.

And Shelf Subsea was sold to Triton by SCF Partners, another private equity player, along with Viburnum Funds, and its founders, so they too did not reveal the price, nor the company’s financial results for 2024, nor any preceding year.

The sale has been a long time in the making, with the process kicking off more than a year ago and attracting the attention of both US private equity funds, Singapore-based ship owners, and others.