GeoSea Agrees to Buy A2SEA from DONG Energy and Siemens

GeoSea is set to acquire the full ownership of A2SEA, owned by DONG Energy and Siemens, after the three companies signed an agreement today, 7 July. 

The transaction, which is conditional upon authority approval, is expected to be completed in the third quarter of 2017. A2SEA will continue to operate out of Denmark with offshore wind turbine service and installation. The company is headquartered in Fredericia with subsidiaries in Germany and the UK.

DONG Energy and Siemens have been owners of A2SEA since 2009 when both companies needed to consolidate their position in the offshore wind market. However, the companies today stated that owning A2SEA is no longer within the scope of their core businesses, and therefore the divestment came naturally.

Thomas Dalsgaard, Executive Vice President in DONG Energy and Chairman of A2SEA, said: “I’m pleased that we’ve now found a new owner of A2SEA. A2SEA is a pioneer in the industry and one of the leading players in the market for offshore wind turbine installation. Owning an offshore wind turbine installation company, however, isn’t within the scope of our core business, and we’ve therefore been looking for a new owner.”

GeoSea, a daughter company of DEME Group, is specialised in complex offshore marine engineering projects in offshore oil & gas, renewable energy and civil engineering.

“With the new owner, I feel confident that A2SEA will be in very good hands. GeoSea is in a position to contribute to A2SEA’s continued stable operating results and ensure the continued positive development of the offshore wind installation company. Based on A2SEA’s industry leading expertise and track record for installation, we expect A2SEA to still be a key supplier to DONG Energy’s future projects. This transaction won’t change that fact,” Dalsgaard said.

A2SEA is currently installing turbines at Dudgeon Offshore Wind Farm and Race Bank Offshore Wind Farm, after completing the installation of turbines on Burbo Bank Extension in December 2016. Upcoming projects include turbine installation on the Arkona offshore wind farm, Hornsea Project One, Horns Rev 3 and East Anglia ONE.

Luc Vandenbulcke, Managing Director, GeoSea, said: “The activities of A2SEA represent a strong and complementary fit with GeoSea’s operations. The combined organisation will be well positioned to provide a broader range of integrated services and solutions to offshore wind energy customers. GeoSea will continue to build on existing customer relationships and ensure a safe and reliable delivery of current and future projects. With the acquisition of A2SEA, the company will also gain a group of highly skilled and specialised employees.”