Prysmian completes acquisition of Global Marine Systems EnergyCompany News // November 23, 2012
Prysmian Group has announced that, further to the satisfaction of the conditions precedent provided in the sale and purchase agreement entered into on 6 September 2012, the acquisition of the entire share capital of Global Marine Systems Energy Limited has been completed.
GME is active in the installation of submarine power cables and systems. With estimated turnover of approximately €75 million in 2012, GME has a new cable-laying vessel among its assets and offers services for the installation of submarine power connections, ranging from project management, to cable laying, jointing and protection.
GME has particular expertise in offshore wind farm connections and is currently involved in major projects under construction in the North Sea.
GME will be integrated in Prysmian to further strengthen the submarine power cable installation capability of the Group.
"Our objective is to have a more comprehensive control over the supply chain by insourcing a greater part of the installation work and extending our installation range to the MV sector, such as inter-array cable installation between turbines", said Marcello del Brenna, CEO of Prysmian PowerLink, the HV & Submarine arm of the Group.
"By doing this the Group aims to expand its ability to offer turnkey products and services, including design, manufacture and installation, to the offshore windfarm growing market."