United Kingdom

United Kingdom

Marubeni increases offshore focus with Seajacks acquisition

UK: North Sea offshore services company Seajacks International has been acquired by Japanese trading company Marubeni Corporation and private equity firm Innovation Network Corporation of Japan (INCJ).

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Marubeni intends to integrate the Seajacks business, which it and INCJ have purchased from energy-focused private-equity firm Riverstone Holdings, into its Power Projects and Infrastructure division.

It was unable to disclose the terms of the deal, although both firms will hold 50% of the company.

Masumi Kakinoki, chief operating officer of Marubeni, said Marubeni’s current involvement in offshore wind projects in Europe and its engineering, procurement and construction expertise made Seajacks an ideal fit.

Kakinoki said: "Together we will be able to build on Seajacks’ leading position in the European offshore energy services sector."

Seajacks, which already owns and manages a substantial fleet of self-propelled jack-up vessels serving the European offshore wind industry, heralded the deal as the cue for expansion.

"With Marubeni and INCJ as our owners, we will be able to expand our fleet," said Seajacks managing director Blair Ainslie. "We expect to announce the commencement of construction of new vessels in the very near future."

In September, Marubeni bought a 49.9% stake in Dong Energy's Gunfleet Sands offshore wind farm, located off England's Essex coast.

Marubeni is also part of a consortium planning to build a floating offshore wind farm off of Japan's Fukushima coast.

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