25 March 2025 – Level Group, a part of Knutsen Group, is pleased to announce the acquisition of DeepOcean Group’s 50% stake in Level Offshore AS, the leading provider of skilled personnel to the offshore subsea industry. With this transaction, Knutsen Group becomes the sole owner of Level Offshore, supporting the company in a new growth phase.
As part of the agreement, DeepOcean has committed to a long-term service purchase agreement with Level Offshore, ensuring continued collaboration and visibility for personnel needs going forward. This commitment reinforces the enduring partnership between DeepOcean and Level Offshore, where Level Offshore will continue to be a key source of talented and motivated subsea personnel. There will be no impact on current operations as a result of the transaction.
“We are excited to take full ownership of Level Offshore, a company we co-founded together with DeepOcean in 2018. The company has grown steadily every year and 2024 constituted another record-breaking year in terms of revenues, backlog and staffed personnel. We look forward to continuing to support the Level Offshore team in their future growth plans” says Geir Tore Henriksen of Knutsen Group.
DeepOcean’s Chief Operating Officer, Ottar Mæland, says: “While we are transitioning ownership, DeepOcean has secured a long-term mutual commitment for the provision of personnel to support our offshore operations worldwide. Highly skilled and experienced offshore crew are essential to our operations, and we are certain that Level Offshore will continue to thrive under the stewardship of our long-term partner, Knutsen Group.”
“I am very proud of Knutsen Group’s recognition of the strong performance our team has delivered and DeepOcean’s validation of our ability to attract, retain and develop some of the best talent in the industry,” says John Emil Hauge, Managing Director of Level Offshore. “We have added many new customers and colleagues over the past years, and believe that this ownership transition will enable us to further develop the business in the period to come.”
For further inquiries, please contact:
John Emil Hauge
Managing Director
E | john.emil.hauge@levelgroup.no
M | +47 902 13 221