A2SEA Cuts to the Bone

A2SEA has today disclosed plans to dissolve all of its non-core business operations and focus solely on installation of foundations and turbines offshore.

A2SEA told its employees and the employees of its subsidiary, CT Offshore, that the planned shift in focus and priority will lead to CT Offshore not taking on any more projects, with all of the company’s vessels and equipment to be sold.

A2SEA also plans to lay up and sell Sea Power and Sea Jack, as well as remove all of the Crew Transfer Vessels from its portfolio.

As a result, a considerable number of employees in both A2SEA and CT Offshore are expected to be made redundant, the company said in a statement.

Hearings between management and employee representatives will take place during the rest of today and affected employees will be informed this week.

As a part of the organisational restructuring in A2SEA, COO Hans Schneider will no longer be a part of the executive committee in A2SEA and has decided to continue his career outside the company.

CT Offshore operates a fleet of four vessels, as well as a fleet of five remotely operated vehicles (ROVs).