Global Marine Takes Majority Stake in CWind
Global Marine Systems Limited has acquired a majority interest in offshore renewables specialist CWind Limited. According to Global Marine, the purchase demonstrates its commitment to the offshore renewable sector and adds a diverse range of construction and O&M services to its current capabilities.
CWind has to date supported the construction and operation of more than 26 wind farms in the North Sea, Irish Sea and the Baltic delivering a broad range of construction and O&M services. Substantial growth has led CWind to open a new office in Bremen, Germany in 2014. In its last financial year finishing September 30, 2015, CWind had total annual revenues of $40.3 million; Global Marine reported revenues of $137.1 million during the same period.
CWind operates an 18-strong fleet that executes activities in support of wind farm owners and operators, transporting technicians in safety to complete essential work to assure cost-effective construction, as well as reliable ongoing performance of the offshore wind farm. The 360° Service Solutions CWind offers represent a comprehensive approach to the industry, allowing clients to combine services from a wide array of on-demand services thereby improving efficiency and lowering risk for wind farm customers.
Ian Douglas, CEO of Global Marine, commented, “The acquisition of CWind brings together two companies with a proven commitment to the highest standards of customer delivery, quality and safety. The range of services provided by the team and the vessels within CWind complements Global Marine’s range of installation and maintenance services and creates an organisation that is well positioned to address the developing needs of customers in the offshore renewables market.”
Douglas continued, “I strongly believe the acquisition of CWind demonstrates our commitment to both growth and the offshore renewables market. We recognize the need for greater efficiency and lower costs for our customers and will continue to position ourselves to address the evolving needs of new and existing offshore windfarms and the challenges as we move further offshore.”
Chris Randle, CEO of CWind added, “This is a fantastic start to 2016, and I am delighted that CWind is now a part of the Global Marine family. We share a vision for the long-term sustainable growth of the business in the offshore wind and renewables sector. Global Marine has over 165 years of subsea experience and that, combined with CWind's integrated service offering, means we can provide unparalleled value for our clients in construction and O&M, positioning the company to fully exploit the opportunities in front of us.”
