远洋 typically modifies nouns related to shipping and fishing: 远洋航运 (ocean shipping), 远洋捕捞 (deep-sea fishing), 远洋货轮 (ocean-going freighter). Contrast with 近海 (jìnhǎi, coastal/inshore).
memory
远 (far) + 洋 (ocean) = 'far ocean' — i.e. the open sea beyond coastal waters.
