Welcome XOCEAN: Transforming Ocean Data Collection

At S2G, we believe the growing significance of ocean data cannot be overstated. From accelerating offshore energy projects and ensuring the integrity of critical existing infrastructure to supporting global governmental hydrographic initiatives, access to accurate and actionable data is essential for making informed decisions and managing risks in complex environments.

The demand for ocean data services is expected to continue growing significantly in the coming years, driven by several macroeconomic vectors and the expanding blue economy. Industries ranging from energy and infrastructure to government and research are seeking advanced solutions to improve operational efficiency and de-risk projects in offshore and subsea environments.

To meet this rising demand, innovative technologies that redefine how ocean data is collected, processed, and delivered will be critical to enable these underlying industries. At this pivotal moment, S2G is proud to announce our investment in XOCEAN, a company that has redefined how ocean data is collected, processed, and delivered across a global footprint.

Meeting the Growing Demand for Ocean Data

Numerous trends are propelling the growth of blue economy data services, which represent an $87 billion market opportunity. Demand for offshore geophysical data services is projected to grow significantly over the coming decade as the blue economy becomes a greater focus for capital deployment. 

The offshore wind sector is a key factor in this growth, with global installed capacity projected to reach about 250GW (ex. China) by 2035, a more than 500 percent expansion relative to today. Beyond wind, the inspection of aging legacy offshore infrastructure, the development of offshore carbon capture and storage (CCUS) facilities, and the expanding needs of civil hydrography are all fueling added demand. Meeting this demand comes with new and complex challenges. XOCEAN understands these evolving complexities and has designed its solutions to meet client needs in a reliable, cost-effective, and environmentally sensitive manner.

Unlocking a Fit-for-Purpose Solution via XOCEAN’s Innovative Business Model

When it comes to ocean data collection, one of the most pressing barriers is the inefficiency of traditional data collection methods. Historically, ocean data has been gathered using large, crewed research vessels that are costly to operate, logistically complex, and environmentally taxing. These vessels emit significant amounts of CO2, require large crews to operate safely, and have limited mission durations due to weather constraints and safety risks.

For XOCEAN’s customers — ranging from renewable energy developers to government agencies — these challenges have direct and far-reaching implications. Energy developers and asset owners require high-quality geophysical data to identify optimal sites, plan construction, and monitor operations. The inefficiencies of traditional methods can lead to increased project costs, delays, and suboptimal decision-making, which in turn impact the viability of their investments. 

Building a Global Leader in Offshore Data Collection

Founded in Ireland in 2017, XOCEAN has emerged as a pioneer in geophysical data solutions for the offshore energy and civil hydrography sectors. The company’s fleet of USVs offers a safer, more cost-effective, and environmentally conscious alternative to traditional crewed survey vessels. These compact, solar-powered vessels are equipped with advanced sensors, real-time communications systems, and post-processing capabilities, enabling precise and efficient data collection across a variety of use cases. Through its vertically integrated data collection model, XOCEAN is focused on cost efficiency, reliability, and exceptional service, fostering long-term customer loyalty across its diverse client base.

Unlike traditional methods, XOCEAN’s USVs emit just 0.1 percent of the CO2 of their crewed counterparts. With no onboard personnel, these vessels are operated remotely via satellite communications, allowing them to perform missions continuously for weeks, even under challenging weather conditions. This approach not only reduces costs but also eliminates many of the safety risks associated with manned operations, while achieving more than 30x the industry average in team gender diversity, unlocking talent to support the blue economy at-scale.

Driving the Blue Economy Forward Safely and Efficiently

Through its data-as-a-service platform, XOCEAN is directly enabling the growth of offshore energy infrastructure. Today, XOCEAN operates the largest fleet of survey-class USVs, which the company has deployed across 23 international markets. To date the company has completed over 1,367 missions and collected over 4.9 million gigabytes of data with 218,000 tons of CO2 avoided. XOCEAN counts many of the world’s largest energy companies among its customers, such as SSE Renewables, Ørsted, bp, and Shell, as well as various government agencies. 

XOCEAN supports every stage of the energy asset lifecycle and has provided geophysical data services to more than 48 GW of offshore wind in operation or advanced development. As the offshore wind development pipeline continues to expand, locations for new developments will become increasingly complex, and developers are looking for ways to de-risk projects and inform key decisions. XOCEAN’s USVs can provide a safer and more effective surveying solution for these new projects. Over the next decade, the company expects that it will support the development of over 100 GW of wind capacity.

The company is also supporting the asset integrity monitoring of critical existing energy infrastructure, carbon capture, utilization and storage project development, subsea electrical and data interconnections, and governmental needs such as hydrographic surveys and fishery management. 

Partnering to Accelerate Growth of XOCEAN’s Data Platform

XOCEAN recently partnered with S2G to structure its €115 million fundraise, which also had participation from Climate Investment, Morgan Stanley’s 1GT Fund, and an affiliate of the Crown family’s CC Industries. 

This funding aims to accelerate the growth of XOCEAN’s platform, expand its geographic reach, and drive product innovation, addressing the surging demand for high-quality data solutions. The growth-focused investor consortium that was formed to support XOCEAN with this financing brings fit-for-purpose capital, diverse operational experience across the offshore value chain, and the strategic connectivity needed to enable the company to realize its ambitious growth objectives. 

At S2G, we believe this investment represents a distinct opportunity at the seams of the energy and oceans sectors. Working with many of the world’s leading energy companies, XOCEAN has reimagined how the geophysical data central to unlocking the blue economy’s potential can be delivered. We are looking forward to partnering with James Ives and the outstanding XOCEAN team as they continue to grow their business’s global operations and innovate their product offerings to meet evolving customer needs across multiple critical sectors.