Føn Energy Services is to acquire Dutch offshore wind farm services company C-Ventus to create a leading European O&M player within offshore wind.
Føn Energy Services is backed by Norwegian industrial group IKM and Oslo-listed industrial investment company Akastor.
It has approximately 90 employees and three decades of O&M experience from the offshore market.
The company currently has operations in Norway, Sweden, Denmark, and Germany.
The deal will see Føn Energy Services acquiring 100% of the shares in C-Ventus from current owner DISA International, a global provider of marine engineering, civil construction and offshore oil and gas services.
The consideration consists primarily of shares in Føn Energy Services resulting in DISA controlling 22.67% of class A shares in the company.
Akastor and The IKM Group will both control 38.67% of the Class A shares. The parties have not disclosed the financial details of the transaction.
DISA International’s managing director, Didier de Graaff, will join the Føn Energy Services board of directors.
DISA International managing director Didier de Graaff said: “Although the transaction is legally structured as an acquisition, from an operational perspective it is a merger of competence, manpower, businesses, and brands.
“We look forward to becoming shareholders of the combined business and to developing the group together with the two powerful and highly reputable co-owners IKM and Akastor.”
Føn Energy Services chief executive Torben Hald (pictured right) said: “Combining a strong presence in the North Sea and the financial muscles of Føn Energy Services with C-Ventus’ European track-record and scalable operating model with in-house project management and engineering, enable us to strengthen our integrated service model and deliver cost-efficient O&M service operators across Europe.”
C-Ventus’s expertise covers balance of plant-services for both topside and subsea equipment, installation support and decommissioning services.
The company delivers project management and engineering from its Dutch headquarters and utilises a Europe-wide network of approximately 350 field technicians with 10-plus years of experience to execute on O&M work.
Its scalable operating model is based on designing optimal O&M concepts tailored for the individual offshore wind farm which includes the use of technology, digital solutions, logistics set-up and team composition, according to the company.
Over the past 12 years, C-Ventus has supported more than 25 offshore wind farms in the UK, Germany, the Netherlands and Belgium. The company’s client list includes names such as Vestas, Vattenfall, RWE, Eneco, TenneT, Shell and many others.
C-Ventus is owned by DISA International.
DISA International managing director Didier de Graaff (pictured left) said: “Our joint plan is to take C-Ventus’ well-proven and highly efficient O&M operating model, apply it to Føn Energy Services, and use it as a catalyst for geographical expansion to the rest of Europe.
“Our business model enables us to scale up our business substantially without incurring unnecessary costs for our clients. We look forward to building an even stronger O&M player together with Føn Energy Services.”
Following the completion of the merger, C-Ventus will start to operate under the Føn Energy Services brand immediately.
Føn Energy Services has an ambition of industrializing and digitizing the O&M segment of the wind industry to increase efficiency and reduce cost of operations.
Part of its strategy is to utilise M&A to consolidate, scale up and further professionalize the O&M segment of the offshore wind value chain.
Partnering with C-Ventus is the first stepping stone of this M&A strategy to build up a large, leading European O&M player within offshore wind.
Føn Energy Services will adopt C-Ventus’ operating model and expand this to the North Sea region and elsewhere in Europe. Føn Energy Services’ owners, IKM, Akastor and DISA, aim to contribute with their industrial backing as well as extensive customer networks in the region.
Hald added: “With C-Ventus now becoming part of Føn Energy services, we will expand our market presence to also include UK, Belgium, and the Netherlands.
“This is the first step in Føn Energy Services’ strategic in-organic expansion plan towards becoming a leading service provider in the offshore wind market.”