Global Marine acquires majority interest in CWind
Global Marine Systems has announced that it has acquired a majority interest in fellow UK company CWind.
The purchase is in-line with Global Marine’s drive in the offshore renewables sector and will add new construction and O&M (operations and maintenance) services to its current capabilities.
Ian Douglas, CEO of Global Marine, said: “The range of services provided by the team and the vessels within CWind complements Global Marine’s range of installation and maintenance services.”
“This creates an organisation that is well positioned to address the developing needs of customers in the offshore renewables market,” he added.
CWind operates an 18-strong fleet that are involved with the support of leading wind farm owners and operators, as well as the transporting technicians in safety to complete essential work to assure cost-effective construction.
In its last financial year finishing 30 September 2015, CWind had total annual revenues of £26.0m, during the same time period Global Marine reported revenues of £88.9m.
Chris Randle, CEO of CWind, concluded: “Global Marine has over 165 years of subsea experience and that, combined with CWind’s integrated service offering, means we can provide unparalleled value for our clients in construction and O&M, positioning the company to fully exploit the opportunities in front of us.”
By Alice Mason
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