A SUBSEA firm has said it is looking to take on big projects as it continues to fight back against tumbling oil prices.

DeepOcean, based in Darlington, has announced Triton will become its largest shareholder.

Bosses at DeepOcean, which provides subsea services for the oil and gas and renewable industries, say the new owner will support the company’s growth in the coming years.

Speaking to The Northern Echo, Pierre Boyd, commercial director at DeepOcean, said the firm is well positioned to weather the downturn in oil and gas markets, as well as to take advantage of future growth opportunities in the industry.

“I think we will see a small pick up, but it is not possible to say when that will be.

“One of my favourite quotes is hope is not a strategy, you need something concrete.

“We are going to focus on the offshore wind and subsea industries, and we have lots of activity with interconnection work between the UK and Belgium, and also Norway.”

DeepOcean was forced to cut jobs due to the falling oil prices last year, but showed signs of a recovery when it secured an equipment supply deal for its T3200 machine, considered the world’s most powerful underwater trenching vehicle.

The T3200 is due to be used to fit cabling between the UK and Belgium between 2017 and 2018 to deliver more electricity to Britain.

Mr Boyd explained why the firm decided it needed a new owner.

“We had a diverse group of shareholders until now, but we were looking for a lead shareholder to take control and really focus on growing the business.

“They are really excited about the work we do in the renewable markets, particularly the offshore wind sector, whilst also helping to strengthen our balance sheet.”

Bart Heijermans, chief executive of DeepOcean, said: “In Triton, we have found a strong and experienced lead shareholder with key competencies in strategy, business development and operational excellence to support the company going forward.

“With the capital raise, we have strengthened our balance sheet and improved our liquidity position and outlook.”

Triton specialise in investing in businesses across Europe, focusing on the industrial and heath sectors.

Peder Prahl, director at Triton funds, said: “We want to support the management and employees of DeepOcean as a stable and knowledgeable owner investing in and supporting the future growth and development of the company.

“We will contribute with our strategic insights and operational know-how in this industry – we look forward to working together with the management team and the board of directors in building an even stronger company.”

DeepOcean employs more than 130 people across offices in Darlington and a marine site in South Bank, near Middlesbrough.