CWind Limited Announces Completion of Acquisition by Global Marine and Sets Direction for Future Growth with More Comprehensive Offerings Across Offshore Wind Markets
Colchester 1 December 2016
CWind Limited a leading provider of services to the offshore wind industry, announced today that it is now wholly-owned by Global Marine Systems Limited following the majority interest acquisition that took place in February this year and the subsequent purchase of the remaining minority stake in November. The acquisition bolsters CWind’s growth plans as the two companies pool their extensive capabilities to provide a more comprehensive offering across the expanding offshore wind construction and maintenance market.
Currently, CWind’s entire 22 strong-fleet of Crew Transfer Vessels (CTVs) are working alongside a vessel with dynamic positioning capability (DP2), conducting operations across Europe, with over 100 highly-skilled technicians completing a range of critical services for wind farm owners, including temporary power supply, blade repair and corrosion protection. CWind has had an outstanding year, with 23 project wins to date, making it one of the most successful years since the company was established in 2009.
Managing Director, Lee Andrews said, “This is a pivotal time in the Company’s journey. CWind now has the backing and support of Global Marine, including the financial stability, that will enable us to take the next step in delivering larger and more complex projects. CWind has chartered a DP2 vessel to work in the German sector supported by our own CTVs and technicians, a first for the company delivering a work package of this magnitude. Without the backing of Global Marine this wouldn’t have been possible.”
Alongside their parent Global Marine, CWind is now evolving their service offering in order to provide a greater variety of subsea and topside services, responding to market demands. Equally, the Company is developing their O&M offering as they now have access to large assets as part of the shared asset portfolio.
Ian Douglas, CEO, Global Marine added, “I am delighted that we have now fully completed the acquisition of CWind, allowing us to build even deeper synergies between the two companies. Lee and the team at CWind are already offering a comprehensive range of services to the market and have been successful in becoming a leading supplier. Now, with our support, they will no doubt drive the business further to meet the future needs of OEMs and developers. Our plans for growth continue and I’m pleased to announce that CWind will be bringing a second, multi-purpose DP2 vessel to the market as a ‘ready-to-go’ service platform in the North East of England in the coming months.”