Norwegian Underwater Aquaculture Technology Firm Ocein Profitable for Second Consecutive Year, 2025 Revenue Falls to NOK 83.3 Million

Norwegian aquaculture underwater technology supplier Ocein achieved profitability for the second consecutive year in 2025. The company's pre-tax profit for 2025 was NOK 0.5 million, down nearly NOK 1 million from NOK 1.4 million the previous year.

Headquartered in Kristiansund, Ocein provides underwater technology for the operation and maintenance of farming facilities. It is known for its net-pen cleaning equipment Stealth Cleaner and underwater drones, with customers including Mowi, Abyss and Frøy. The company also operates in Scotland and Chile, and had 13 full-time positions in 2025. Ocein is owned by Oceans Innovations Group, which is controlled by Abyss head Victor Jan Jensen. iLaks attempted to contact general manager Thomas Aas for comment.

Ocein's revenue in 2025 was NOK 83.3 million, down from NOK 99.5 million the previous year, a decline of 16.3%. EBIT fell from NOK 6.3 million to NOK 4.5 million, a drop of 28.6%; pre-tax profit fell 64.3%. The operating margin declined from 6.3% to 5.4%.

Alongside the revenue decline, the company significantly increased its product development efforts. The capitalized development value nearly tripled in 2025, reaching NOK 20 million at year-end; total development costs for the year were NOK 10.1 million, compared with NOK 3.2 million the previous year. The company also received NOK 2.5 million in funding from Innovation Norway (Innovasjon Norge) for several R&D projects, disbursed through the agency's bioeconomy program. According to the company, the projects include autonomous net-pen cleaning equipment aimed at reducing vessel traffic and CO2 emissions around farming facilities while improving fish health through continuous net cleaning.

In June 2025, Ocein raised a total of NOK 34 million through equity from existing investors, funding and loans from Innovation Norway, and a loan from Sparebank 1 Nordmøre. The funds are intended for developing a new net-pen cleaning system, autonomous solutions and ROV technology for the aquaculture industry.

The refinancing left a clear mark on the balance sheet: equity capital rose from NOK 7 million to NOK 17.8 million over the year, including NOK 10 million in new equity capital injected through a share issue. At year-end, the company's equity capital stood at NOK 17.8 million against total capital of NOK 76.1 million, giving an equity ratio of 23.4%, a marked improvement from 11.6% the previous year.