Ocean services provider DeepOcean delivered another year of profitable growth in 2024 driven by solid project execution and growth in all regions. High demand for the company’s services across offshore industries means that the company entered 2025 with strong momentum and a record-high order backlog.
In 2024, DeepOcean delivered revenue of $852 million, up 36 percent from $624 million in the prior year. All regions contributed to the growth. The group’s EBITDA (IFRS 16 adjusted) ended at $138 million, a significant improvement from $61 million in 2023.
“We have built further on our strong inspection, maintenance and repair (IMR) and recycling track-record. During 2024, we also delivered our first major project in the offshore wind segment in many years—a key milestone in extending our track-record in this industry. I find it very encouraging that we build our business to be more resilient and diversified across geographies and business lines,” says Øyvind Mikaelsen, CEO of DeepOcean.
International growth
DeepOcean experienced revenue growth and improved profitability in its key markets in Europe, the Americas and Africa in 2024.
During the year, DeepOcean expanded into Guyana and signed a framework agreement with Woodside for assets offshore Senegal. New areas where DeepOcean’s model can be most effectively applied is constantly evaluated and prioritized.
“I believe we can deploy our operating model in most regions of the globe. We remain ambitious in our growth trajectory, with the $1 billion revenue milestone within firm sight. We will continue to pursue organic growth by expanding into new geographical markets at a controlled pace and manner. Additionally, we are pulling other growth levers such as expanding in offshore renewables and other ocean industries, as well as evaluating inorganic opportunities.
Enhance technology leadership
DeepOcean’s operating model is grounded in the integration of specialized engineering expertise, robust project management, proprietary technology, and subsea tools, complemented by high-spec assets. Throughout 2024, DeepOcean has pushed the boundaries of underwater technology. The autonomous inspection drone (AID) represents the future of inspection technology. It combines advanced autonomous functionality with flexible control options for both local and remote operation. The 2024 AID missions for all subsea structures and data capture were approved by Aker BP and executed as planned.
Digitalization is vital at DeepOcean for planning, executing, and reporting our subsea operations efficiently and accurately. DeepOcean further integrated digital twins, real-time data feeds, and visualization tools into operational workflows. These enhancements continue to streamline subsea campaign planning, execution, and reporting.
The uncrewed surface vessel (USV) took shape during 2024 and was recently delivered. USV Challenger is purpose-built for remote-controlled subsea work and the ROV has autonomous features. The vessel represents a disrupting force in the IMR market and a key tool in the energy transition toolkit.
Strong outlook
In 2024, DeepOcean booked an order intake of $1.469 million, more than double what was recorded the prior year. The order intake includes projects in the oil and gas industry, offshore wind, and removal and recycling of subsea infrastructure. The company’s order backlog stood at $1.071 million at year-end 2024.
Overall, the outlook for DeepOcean’s services in the market is strong, supported by a robust pipeline of projects and a commitment to innovation and sustainability. In parallel, a significant wave of decommissioning and asset recycling is emerging in the UK North Sea. DeepOcean is well-positioned across its operating regions to capture a strong share of the market through its proven capabilities and track record in sustainable subsea operations.
“DeepOcean reflects on a record breaking 2024 that reinforced our position as a world leading ocean services provider. The group delivered strong financial results, executed complex projects across multiple regions, and continued to build a resilient platform for long-term value creation. This is a testament to the upward trajectory DeepOcean has been on the last few years, our proven operating model, capital light balance sheet, and solid cash conversion,” says Frode Garlid, CFO of DeepOcean.
