A2Sea subsumes CT offshore

DENMARK: Offshore wind installation company A2Sea has announced CT Offshore will enter into the company's management structure on 1 February.

A2Sea's headquarters in Denmark

A2Sea’s executive committee will manage Danish cable installation and servicing company, CT Offshore.

Jens Hansen, A2Sea CEO said the company had "found new opportunities outside of CT Offshore".

He added there is a "large synergy" between the companies, which are working closely together already, and they will coordinate resources and cooperate even more.

A2Sea bought 29% of CT Offshore in 2011 and in the summer of 2012, it increased its shareholding to 67%.

In 2013, A2Sea acknowledged a EUR 15.4 million writedown against the investment, citing "low utilisation" of CT Offshore’s fleet and a lower earnings forecast for the company over the next two to three years, due to "a more competitive market".