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July 13, 2021

Norway’s Deepocean to acquire majority stake in Adepth Minerals

Adepth will remain a standalone company upon completion of the deal, whose financial terms were undisclosed.

Norway-based ocean services provider DeepOcean has agreed to acquire a majority stake in Adepth Minerals, a marine minerals exploration company.

Details on the transaction value or the precise size of the stake being purchased were not revealed.

Adepth will remain a standalone company and brand upon completion of the deal.

Established in 2020, Adepth aims to make use of new, low-carbon technology to deliver sustainable exploration and extraction of marine minerals.

It also undertakes prospect analysis and risk assessment by integrating big data and artificial intelligence.

Adepth has participated in Norway’s deep-sea mining impact assessment programme on the Norwegian continental shelf for mineral extraction activities and plans to participate in Norway’s first licensing round, which is planned for 2023.

DeepOcean Group CEO Øyvind Mikaelsen said: “Alongside our continued core service segment of oil & gas and our increasing exposure to offshore renewables, deep-sea minerals is an additional area where we see great potential for DeepOcean.

“By bringing our subsea and project execution experience to Adepth, we will together strive to support and enable the energy transition and sustainable use of ocean resources, by means of sourcing and extracting sought-after materials in an environmentally responsible manner.”

Adepth expects the investment and DeepOcean’s expertise to help it undertake a planned environmental research expedition.

The expedition is planned to be carried out in alliance with the University of Bergen and Seabed Solutions, which is Adepth’s second-largest shareholder.

Adepth CEO and co-founder Anette Broch Mathisen Tvedt said: “With the Norwegian continental shelf possibly opening for deep-sea mineral exploration in 2023, we are taking the opportunity to be part of what will be a new high potential industry for Norway, which provides one of few regulated and sustainable frameworks for mining minerals globally.”

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