07/10/2017

A2SEA acquired by GeoSea

DONG Energy and Siemens have signed an agreement with Belgian GeoSea stating that GeoSea will acquire the full ownership of A2SEA on Friday. A2SEA will continue to operate out of Denmark with offshore wind turbine service and installation.

Image: A2Sea

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, owning A2SEA is no longer within the scope of their core businesses, and therefore the divestment came naturally.

The Belgian company GeoSea operates within complex marine engineering projects and is owned by DEME Group, a world leader in the highly specialised fields of dredging, marine engineering and environmental remediation.

Thomas Dalsgaard, Executive Vice President in DONG Energy and Chairman of A2SEA, says: "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."

"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," Thomas Dalsgaard concludes.

Luc Vandenbulcke, Managing Director, GeoSea, says: “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.”

The transaction, which is conditional upon authority approval, is expected to be completed in the third quarter of 2017.