Frøy Kapital buys 66 percent of OceanTech Innovation

Frøy Kapital buys 66 percent of OceanTech Innovation

Frøy Kapital steps in as a long-term owner with the aim that the Trondheim-based technology company OceanTech Innovation will continue to grow internationally and in new markets.

The new investment company Frøy Kapital AS comes in as an active owner and will from now on work purposefully with strategy and business opportunities in close cooperation with the company and the founders. In 2022, OceanTech Innovation reached a turnover of approximately NOK 150 million and has good profitability. The business has grown significantly in recent years and sees great opportunities for profitable growth in the coming years.

- We want to strengthen the organization to increase capacity and flexibility. We wanted stronger financial muscle to invest further in the equipment park, increase our efforts in sales and marketing towards international customers and explore the new opportunities in both offshore wind and offshore aquaculture, says managing director Bernt Schjetne.

With Frøy Kapital on the team, the chances of succeeding in this are significantly strengthened.

- We appreciate the trust and the opportunity to work with an offensive technology company here in central Norway. We are looking forward to taking on a rare opportunity to further develop a strong player in sustainable life extensions of platforms in a global offshore market, as well as in new and exciting segments, says CEO Roger Granheim at Frøy Kapital.

- Frøy Kapital has the right experience and expertise as well as a vision that coincides with the current owners regarding the further development of the company, and is therefore the right partner for OceanTech Innovation, states CEO Bernt Schjetne.

Today's shareholders have great faith in the company's future prospects, and will continue as significant co-owners. Frøy Kapital will receive a 66 percent ownership stake after the transaction has been completed.

- We are impressed by the development the company has had since its establishment in 2017, and will build on what has been created by the employees and founders. We will seek to add supplementary expertise, networks and financial resources for further growth and development, including possible acquisitions, says CFO Hege Aasen Veiseth at Frøy Kapital.



OceanTech Innovation is headquartered in Trondheim and is an innovative and world-leading service provider of robotic and patented solutions for service assignments in the splash zone on offshore installations. The services offered include cleaning, inspection, repair, modification resulting in sustainable life extension for installations in the splash zone. The company offers comprehensive solutions that eliminate the need for divers or ROVs in risk-prone areas. The company was established in 2017 and had sales in 2022 of approx. NOK 150 million. The company has more than 20 employees and a corresponding number of hired resources on assignment.