A2SEA acquired by GeoSea

Friday, 7 July, 2017 - 08:30

Today, DONG Energy and Siemens signed an agreement with Belgian GeoSea stating that GeoSea will acquire the full ownership of A2SEA. A2SEA will continue to operate out of Denmark with offshore wind turbine service and installation.

DONG Energy and Siemens have been owners of A2SEA since 2009, when both companies needed to consolidate their position in the offshore wind market. However, owning A2SEA is no longer within the scope of their core businesses and therefore the divestment came naturally.

The Belgian company GeoSea operates within complex marine engineering projects and is owned by DEME Group, a world leader in highly specialised fields of dredging, marine engineering and environmental remediation.

Thomas Dalsgaard, Executive Vice President in DONG Energy and Chairman of A2SEA, says: "I'm pleased that we've now found a new owner of A2SEA. A2SEA is a pioneer in the industry and one of the leading players in the market for offshore wind turbine installation. Owning an offshore wind turbine installation company, however, isn't within the scope of our core business and we've therefore been looking for a new owner." Thomas Dalsgaard continues:

"With the new owner, I feel confident that A2SEA will be in very good hands. GeoSea is in a position to contribute to A2SEA's continued stable operating results and ensure the continued positive development of the offshore wind installation company. Based on A2SEA's industry leading expertise and track record for installation, we expect A2SEA will still be a key supplier to DONG Energy's future projects. This transaction won’t change that fact," Thomas Dalsgaard concludes.

Luc Vandenbulcke, Managing Director GeoSea: “The activities of A2SEA represent a strong and complementary fit with GeoSea’s operations. The combined organisation will be well positioned to provide a broader range of integrated services and solutions to offshore wind energy customers. GeoSea will continue to build on existing customer relationships and ensure a safe and reliable delivery of current and future projects. With the acquisition of A2SEA the company will also gain a group of highly skilled and specialised employees.”

The transaction, which is conditional upon authority approval, is expected to be completed in the third quarter of 2017.

Source: DEME Group

Similar Entries

The change of model towards clean energy accelerated commercial activity, as strong order intake in Q1 FY 2020 (+82% YoY) boosted the order book to €28,089m. Sales stood at €2,001m and the balance sheet remains sound, with €175m in net cash. Despite good long-term prospects, the complex situation in the industry and extraordinary costs in executing five onshore projects located in Northern Europe had a negative impact on profitability.

Windea Offshore, together with its partner WP Systems, has taken another step towards establishing the WINDEA Blade Service concept. Last week the operation of the working platform System terra was successfully demonstrated at a Siemens SWT-3.6 offshore test turbine in the German district of Nordfriesland.

Loadout of the two monopiles and transition pieces at EEW SPC quay in Rostock

EEW Special Pipe Constructions GmbH, a member of the EEW Group, has announced the successful fabrication of two heavy monopile foundations and two transition pieces for the Coastal Virginia Offshore Wind (CVOW) demonstration project.

EnBW Offshore Windpark Baltic 2 (pict. EnBW)

One of Germany’s largest offshore wind farms in the Baltic Sea, EnBW Baltic 2, is to be serviced from August 2020 from the Danish port of Klintholm on the island of Møn. Until now, the company’s service team – up to 25 in number – have travelled from Rostock to a hotel vessel close to the wind farm.