Seajacks acquired by Marubeni and INCJ
News - March 20, 2012
Marubeni Corporation, one of the largest Japanese trading companies, and Innovation Network Corporation of Japan (INCJ), a government-sponsored private equity corporation, have agreed to acquire Seajacks International from funds controlled by Riverstone Holdings.
The terms of the transaction were not disclosed. The sale is expected to close at the end of April 2012. Marubeni intends to integrate the Seajacks business into its Power Projects & Infrastructure division.
Seajacks International is an offshore services comany that operates primarily in the European offshore wind market but also serves the European offshore oil and gas markets.
Seajacks owns and manages self-propelled jack-up vessels equipped for the harsh conditions of the North Sea. Riverstone and the Seajacks' management team acquired Seajacks in January 2010 in a take-private transaction.
Since then, Seajacks has expanded its operations throughout Europe and is in the process of adding vessels to its fleet. The next vessel is set to be delivered in May 2012.
Masumi Kakinoki, Executive Officer and COO of Marubeni Corporation, said, "Marubeni's current involvement in offshore wind projects in Europe and our engineering, procurement and construction expertise make Seajacks an ideal fit for our portfolio.
"Together, we will be able to build on Seajacks' leading position in the European offshore energy services sector."
Kimikazu Noumi, President and CEO of INCJ, said: "INCJ encourages the development of renewable energy and is happy to announce the acquisition of Seajacks, a key player in offshore wind. I am confident that Seajacks and Marubeni will continue to perform a significant role in the growing offshore energy service sector."
Lord Browne of Madingley of Riverstone Holdings said: "We are very proud of the fleet which the Seajacks management team has assembled and the value the company has created for our investors while meeting the needs of the fast-moving offshore renewable energy industry in Europe. We wish Seajacks and Marubeni future success."
Blair Ainslie, Managing Director of Seajacks UK, said: "I am delighted that this transaction has been agreed. This is a logical step forward for Seajacks, and great news for our loyal staff and for our valued customers.
"With Marubeni and INCJ as our owners, we will be able to expand our fleet and consolidate our position as one of the leading turnkey offshore energy service companies in Europe.
"We expect to announce the commencement of construction of new vessels in the very near future to take advantage of the significant business opportunities we are seeing."
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