Norwegian subsea services player DeepOcean is buying a majority stake in marine minerals exploration company Adepth Minerals.

The Bergen-based Adepth, which will continue to operate as a standalone company and brand, has been an active participant in the impact assessment program for mineral extraction activities on the Norwegian continental shelf and aims to take part in the first Norwegian licensing round, which is expected in 2023.

DeepOcean’s investment should enable Adepth to conduct a planned environmental research expedition in collaboration with the University of Bergen and Seabed Solutions, Adepth’s second largest shareholder.

“Alongside our continued core service segment of oil & gas and our increasing exposure to offshore renewables, deep-sea minerals are 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,” said Øyvind Mikaelsen, CEO of DeepOcean.

Adepth was founded in 2020 by a team of experts from geoscience and subsea operations, looking to extract marine minerals using new, low carbon technology and by integrating big data and artificial intelligence for prospect analysis and risk assessment.

“Through the transaction with DeepOcean, Adepth gains a new partner with an industrial perspective that has long-standing project management experience within the subsea field and provides an operational platform to support our goal of becoming a leading deep-sea mineral exploration company”, said Anette Broch Mathisen Tvedt, CEO, and co-founder of Adepth.