A SUBSEA company says a deal has been completed to secure its future – paving the way for greater growth in the offshore energy sector.

DeepOcean UK, based in Darlington, has confirmed investor Triton has concluded a move to become its largest shareholder.

The agreement was first revealed last year, with Deep- Ocean bosses saying Triton’s support will deliver muchneeded backing in a sector still recovering from the dramatic fall in the price of oil.

Triton, a private equity investment firm that has invested in businesses across Europe, says DeepOcean can be a “main driver of consolidation in the subsea market”.

DeepOcean was previously forced into job cuts after the sunken oil price compounded what it claimed was weak Government support over helping British firms secure UK projects.

However, the business, which employs in excess of 100 people and complements its Darlington offices with a marine site in South Bank, near Middlesbrough, has begun to turn around its fortunes.

In November, the company revealed a contract to support the world’s largest offshore wind farm, Dong Energy’s Hornsea Project One, by installing nearly 100 cables.

Officials described the deal as a multi-million pound contract, adding work is expected to start on the North Sea scheme in 2018.

Pierre Boyd, DeepOcean’s commercial director, said Triton’s involvement will help the company continue its resurgence across oil and gas and renewable projects, which will include trenching and cable installation on the Walney Extension offshore wind farm, in the Irish Sea, and the Race Bank wind farm, based off the Norfolk and Lincolnshire coasts.

Speaking to The Northern Echo when Triton’s interest was first announced, he said: “We had a diverse group of shareholders, 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, while also helping to strengthen our balance sheet.

“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.”

Mr Boyde previously told the Echo his company’s order book was stronger than ever, a revelation since augmented by confirmation it was buying new parts for its T3200 machine, considered the world’s most powerful underwater trenching vehicle, and bringing the 138-metre Maersk Connector to the region to fit a carousel for heavy-duty work.

Fredrik Brynildsen, an investment advisory professional working out of Triton’s Oslo office, said the moves were a clear and exciting sign of DeepOcean’s intent.

He added: “DeepOcean is well positioned as one of the leading operating platforms for subsea services, and will be a main driver of consolidation in this market.”