OWPMS joint venture to build 60 windfarm crew transfer vesselsCompany News // June 16, 2010
Offshore Wind Power Marine Services (OWPMS) has announced that it is forming a partnership with The Brook Henderson Group to provide a bespoke package for offshore windfarm operators, focusing on vessel supply during construction and operation and maintenance (O&M) throughout Europe, Asia and the US.
Brook Henderson has set aside upwards of £20 million of equity over the next two years and is negotiating 90 per cent funding for newbuilds off the back of its reputation in asset funding over the last 15 years, leading to a total investment of up to £60 million.
Paul Walsh and Eddie Ward, co-founders of OWPMS, said they are are delighted with the joint venture noting that: “Due to recent events within the banking sector raising funds to build new vessels very difficult and was preventing us from expanding, the impact of which made it difficult for us to tender for new work. However we are very pleased to be welcoming the Brook Henderson Group onboard."
"This partnership means we can now pick up and proceed with new and existing tender opportunities as a preferred supplier to the utilities. We can now fund an ambitious build programme for our clients and offer them the reassurances of contracting with ourselves and the Brook Henderson Group.”
Newly appointed Commercial Director Rob Stewart, formerly of South Boats Special Projects, laid out the strategy of the Joint Venture.
“We are looking at this industry from the future rather than organically growing from the past. The design of vessels, access systems, fleet structures and training need to be rationalized as part of an integrated approach focussing on safe, cost effective reliable access to the turbines," he said.
"Above all it is about partnering with the client and fitting our service around their strategy, which as market leaders allows us to expand globally.”