Saipem has confirmed that all conditions necessary to complete its purchase of Naval Energies’ floating wind business have been verified.
The Italian company first announced that it had signed a deal to acquire the business on 4 June subject to obtaining the relevant administrative authorisations.
Saipem is acquiring Naval’s engineering know-how of floating units, the related intellectual property rights and integrating the Naval team into its organisation.
It said the deal expands its technology portfolio and further strengthens its position in the offshore market.
Naval Energies, a subsidiary of Naval Group, has more than 10 years of experience in floating offshore wind and has developed a semi-submersible floater concept, which it claims is one of the best in the market.
It announced at the beginning of February that it was ending its developments in the offshore renewable energy sector by starting a process aimed at the cessation of Naval Energies’ activities, including the search for a buyer for all or part of the company’s activities.
Saipem said in June that the transaction has no material effect on its financial position.