DONG Energy becomes minority shareholder in CT OffshoreCompany News // November 19, 2010
Paw Cortes, CEO and founder of CT Offshore, has entered into an agreement with DONG Energy that will see DONG become a minority shareholder in the company.
CT Offshore and DONG Energy have enjoyed close co-operation for many years.
CT Offshore was founded in 2002 by Mr Cortes, since when the company has expanded rapidly, most recently acquiring the SIA, a converted cable lay vessel.
Mr Cortes said that now DONG Energy was involved the company would accelerate its growth but that it was ”business-as-usual.”
"I will still be CEO and co-owner, the strategy is the same, and we will continue to service the solid customer portfolio we have built up over the years," he said in a statement.
Nordea Corporate Finance acted as exclusive financial adviser for CT Offshore and Mr Cortes in connection with the transaction.