Siemens to become equity partner in offshore wind park installation specialist A2SEA (Denmark)

Siemens will become shareholder (49 percent) in A2SEA A/S, a supplier of installation services for the construction of offshore wind farms.

The Danish energy company, DONG Energy, will continue to be the main shareholder of the company. A2SEA in Fredericia, Denmark, employs about 200 people. Siemens´ goal

of the engagement in A2SEA is to advance the industrialization of offshore wind power. A2SEA will now look into the possibility of expanding its installation capacity

Siemens is a global leader in the rapidly growing offshore wind segment. “With our investment in A2SEA, we are showing our clear commitment to strengthening the future of the offshore wind industry,” said Wolfgang Dehen, CEO of the Siemens Energy Sector.

“It is our aim to foster the industrialization of offshore wind power. Together with Siemens, A2SEA can build optimized vessels for the installation of offshore wind turbines. Optimization of ships as well as processes will result in higher efficiency, shorter installation times and enhanced customer value,” Dehen added.

Niels Bergh-Hansen, Executive Vice President at DONG Energy and Chairman of the Board at A2SEA, said: “I am very delighted that Siemens is to become an equity partner in A2SEA. Siemens’ participation in A2SEA will strengthen the company and the realization of the strategy to offer superior offshore installation services to the company’s customers.”

The investment agreement is subject to the approval from anti-trust authorities. Closing of the agreement is expected in Q4 2010. The subscription amount to be paid by Siemens for the new shares in A2SEA is approximately DKK 860 mill. (EUR 115 mill.), which will be paid in two instalments in 2010 and 2011.

The potential for offshore wind in Europe is estimated at around 100 gigawatts which equal two thirds of the power plant capacity currently installed in Germany. At present, only approximately two percent of that potential is being utilized. Offshore wind will play an important role in achieving Europe´s CO2 reduction goals. Today, UK is by far the most important offshore wind market but also offshore projects in Germany are gaining momentum. Besides that countries like France, Belgium, the Netherlands, Italy, Finland and Norway are thinking about offshore wind power.

“Outside of Europe, we see good opportunities for offshore – especially in China with its shallow water near the consumption centers on the coast as well as in the U.S., where Siemens already has entered the market being selected for the Cape Wind project,” said Dehen.

The information provided in this announcement will not change DONG Energy’s previous financial guidance for the financial year 2010 or the expected investment level.

[mappress]

Source: dongenergy, June 29, 2010;

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