Liquidity

Company Overview

Restore Subsea is a pioneering Australian engineering company focused on transforming subsea pipeline decommissioning and seabed restoration. Headquartered in Jolimont, Western Australia, the company is led by Darren O’Leary, an experienced subsea engineer and inventor of the X-Lay system. This patented technology enables the efficient and cost-effective removal of defunct subsea pipelines, addressing a growing global need for responsible offshore infrastructure decommissioning. With a strong background in offshore oil and gas operations, the Restore Subsea team is positioned at the forefront of an industry shift toward more sustainable and economically viable solutions.

At the heart of their innovation is the X-Lay system, which allows for pipeline extraction using smaller, lower-cost vessels rather than expensive, large-scale assets. This can result in more than 50% cost savings for operators and significantly reduce environmental disturbance to the seabed. Unlike traditional removal methods that can be disruptive and resource-intensive, Restore Subsea’s approach is safer, cleaner, and more scalable for global application. Currently in the advanced stages of research and market validation, Restore Subsea aims to play a leading role in the future of offshore decommissioning and marine ecosystem restoration.

Problem

The global subsea decommissioning and seabed restoration market is poised for substantial growth, with projections indicating it could reach up to $25 billion by 2030. While the global subsea steel pipeline network exceeds 150,000 kilometres, not all of it will require removal. However, increasing regulatory and community pressure, particularly in regions such as Thailand, Australia and the United Kingdom, is a driving shift towards full pipeline decommissioning.

Despite this emerging trend, the market is heavily dominated by tier 1 contractors who continue to rely on traditional, capital-intensive methods. These operators, focused on maximising return on current assets, have little incentive to adopt new approaches, continuing to use the same established installation techniques (S Lay, R Lay and J Lay) that have been in place for over three decades. As a result, there is a growing need for innovative, cost-effective, and environmentally responsible alternatives.

Solutions (X-Lay)

Restore Subsea's patented X-Lay technology is positioned to disrupt the global pipeline decommissioning market by making removal faster, more cost-effective, and environmentally responsible.

Restore SubSea has acquired all IP and patents related to Blue Ocean Offshore and are now focused on further R&D, testing, and strategic marketing to pre-qualify our unique solution. By combining X-Lay with advanced pipeline strain management, we aim to enable Tier 2 Subsea contractors to remove pipelines more effectively using lower-cost vessels, handling 160-400 foot joint lengths instead of the standard 40 feet. This significantly boosts productivity and delivers major cost savings to energy operators and the governments that often fund 40-75% of these projects. Ultimately, the successful commercialisation of X-Lay will deliver better outcomes for our clients, taxpayers, and the subsea environment.

X-Lay ( Case 1- Gulf of Thailand)

In 2020, Blue Ocean Offshore (BOO) supported a contractor in bidding for a major pipeline removal project for an E&P operator in Thailand. The contractor submitted a standard bid using a DP2 S-Lay vessel, alongside an alternative bid featuring BOO's X-Lay technology deployed via a lower-cost DP2 construction support vessel (CSV)

The scope involved removing 60 subsea carbon steel pipelines totaling 200 kilometres in length, at water depths of up to 80 metres. Pipe Sizes ranged from 8" to 24" in diameter with varying wall thicknesses and coatings, including concrete, FBE, and PPL. The X-Lay-based bid proposed retrieving pipelines in 160-foot sections, quadruple the standard 40-foot lengths, offering significant cost efficiencies. However, the bid was ultimately disqualified in Q4 2020 due to the X-Lay system not yet being pre-qualified by the operator.

Board & Management

Darren O'Leary

Managing Director & Founder

Darren is an independent consultant with > 30 years global experience across the O&G industry focused on creating innovative solutions for the subsea installation and removal of pipelines and subsea facilities, supporting various E&P's and subsea contractors across the full lifecycle. Aside from core engineering capabilities he also has a proven track record in new venture management, technology, business development, strategy & project management. He was the sole inventor of X-Lay in 2020 and in Q1 2025 sold all Patents and IP to Restore Subsea Pty Ltd.

He has lived and worked in UK, Singapore, Thailand, Malaysia, Indonesia, Vietnam, PNG, China, Qatar, UAE, Brazil, Nigeria, USA & Norway. He thrives on respectfully challenging the status quo and working together with high performance teams, to help unlock value for customers.

Education: BEng & MBA.

Experience: Blue Ocean Offshore, DOF Subsea, Neptune, CUEL, Chevron, Clough, SS7 & McDermott.

Started with X-Lay: June 2020

Paul Stone

Management Consultant

Paul is an independent consultant with > 30 years global experience across the O&G industry. He is an accomplished C-Suite Executive Leader, Chairman, Non-Executive Director, and Advisor. His career has encompassed technical, project delivery, growth and strategy, business development, and executive leadership roles within E&Ps, Contractors & Engineering Consultants.

He is extensively networked across multiple industry segments and professional bodies, with strong connections across Australian State and Federal political landscapes. He has lived and worked in UK, Europe, Australia, Asia, and the Middle East. He is passionate about combining his broad-based executive leadership with deep subject matter expertise in risk and opportunity management, underpinned by a meticulous, governance-centered approach.

Education: MSc, MBA, GAICD

Experience: EDG, Scitech, Energy Club, Technip, AJ Lucas, Woodside, Nexus, Transfield Worley, Maersk Oil Qatar, Bexton & BHPB.

Started with X-Lay: March 2025

Ahmed Reda

Engineering Consultant

Ahmed is a subsea pipeline consultant with >20 years of international experience focused on the subsea engineering pipeline industry. A proven track record in new technology development, integrity, asset management and decommissioning. In addition to industry work, he is also supervising PhD engineering students at Curtin & UWA.

He has lived and worked in Egypt, Qatar & Indonesia. He thrives in solving complex technical challenges.

Education: Associate Professor Eng

Experience: Cladtek, UWA, Curtin, QatarEnergy, Worley, Wood, BP, KBR & GUPCO.

Started with X-Lay: Dec 2023.

Michael Blease-Shepley

Commercial Consultant

Michael has > 20 years global commercial experience supporting executive management teams of a) subsea contractors direct to E&P's and b) specialist back deck service companies subcontracting to subsea contractors to deliver growth through strategic business development and commercial management.

He is a Commercial Consultant based in Saudi Arabia supporting International Maritime Industries within new build vessels and contracting. IMI is a Saudi Aramco JV and is the largest and most technically advanced maritime yard in the MENA region.

He has lived and worked in UK, Angola, Nigeria, Ghana, Libya, Norway, Brazil, Bulgaria, Romania & Saudi Arabia. He thrives on driving growth, with a successful history of launching new products and services into niche markets and new regions, as well as leading teams to deliver full end-to-end product and service solutions.

Education: BSc - Business & Marketing.

Experience: IMI, MDL, Ariosh, DOF Subsea, GSP Offshore, Reef Subsea, Bureau Veritas.

Started with X-Lay: Feb 2025.

Restore Subsea

About Us

Company Overview

Problem

Solutions (X-Lay)

X-Lay ( Case 1- Gulf of Thailand)