Hochtief sells entire offshore wind vessel fleet

GERMANY: German construction firm Hochtief has sold its entire fleet of offshore wind vessels to GeoSea.

The Innovation has worked on a number of major offshore projects

Inlcuded in the sale are all of Hochtief's jack-up vessels and work pontoons. The most significant ship in the fleet is the heavy-lift jack-up vessel Innovation, one of the largest jack-up vessels in the offshore wind industry.

Hochtief CEO Marcelino Fernández Verdes said: "In recent years, we have developed into a leading provider in the offshore wind market in Germany. However, the company's focus has recently shifted."

Financial terms of the deal were not revealed, but Hochtief said the transaction would result in a "positive book gain". The deal still has to clear regulatory hurdles.