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Onshore News: GDV Subsea – creating a leading subsea diving contractor

Posted on 04.10.2007 - 08:00 EDT in GENERAL NEWS by Rons_ROV_Links

GDV Subsea – creating a leading subsea diving contractorGDV Subsea AS (GDV) has been established with a strong ownership structure. GDV is the new subsea services contractor for the offshore market world wide.

As part of the established structure GDV has acquired Oceanteam 2000 Ltd (ot2kTM) and GDV Offshore AS; through these acquisitions the Company has gained well-proven subsea diving experience and GDV's maritime operational experience. The company will deliver complete solutions to the subsea market.

GDV Subsea AS will be a significant player in the world-wide offshore subsea market. Combined with extensive experience and new state of the art vessels, the company will be able to deliver complete solutions for its existing and future customer base. GDV's investment plan aims place the company as one of the top five players in the diving and subsea support market.

GDV Subsea AS has successfully raised MNOK 616 (MUSD 103) in equity from a select group of Norwegian institutional investors, that will be used to fund the company's vessel newbuild programme.

The company has ordered three vessels, one from Aker Yards Brevik and two from Bergen Yard and saturation diving systems from Dräger for a total value of approx. 2 billion Norwegian Kroner (330 million US dollars)

The company has bases in Arendal, Norway and Great Yarmouth, UK, with a geographical expansion plan to set up bases in the major offshore oil and gas cities on a world-wide basis.

Pareto Private Equity acted as financial advisor to GDV Subsea.
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