Dong Energy and Siemens have signed an agreement with Belgium based company GeoSea under which GeoSea will acquire full ownership of A2SEA.
Dong Energy and Siemens have signed an agreement with Belgium based company GeoSea stating that GeoSea will acquire full ownership of A2SEA. A2SEA will continue to operate out of Denmark with its offshore wind turbine service and installation business.
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.
GeoSea operates as part of complex marine engineering projects and is owned by DEME Group. Luc Vandenbulcke, managing director of GeoSea, commented: “The activities of A2SEA represent a strong and complementary fit with GeoSea’s operations. The combined organisations will be well positioned to provide a broader range of integrated services and solutions to offshore wind energy customers.”
The transaction, which is awaiting authority approval, is expected to be completed in the third quarter of 2017.