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United Kingdom

Marubeni and INCJ complete Seajacks deal

JAPAN: Japanese trading company Marubeni Corporation and private equity firm Innovation Network Corporation of Japan (INCJ) have completed their acquisition of North Sea offshore services company Seajacks International.

Seajacks was owned by Riverstone Holdings with finance provided by a syndication of banks including Sumitomo Mitsui, ING Bank, and Mizuho Corporate Bank.

The deal was originally announced in March. At the time, 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.

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

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

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.

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