Global Marine Systems has acquired a majority interest in CWind, a leading offshore renewables specialist.
CWind has supported the construction and operation of over 26 wind farms in the North Sea, Irish Sea and the Baltic and runs an 18-strong fleet that helps support offshore wind farm owners and operators.
Global Marine chief executive Ian Douglas said: “The acquisition of CWind brings together two companies with a proven commitment to the highest standards of customer delivery, quality and safety.
“The range of services provided by the team and the vessels within CWind complements Global Marine’s range of installation and maintenance services and creates an organisation that is well positioned to address the developing needs of customers in the offshore renewables market.”
CWind chief executive Chris Randle said: “This is a fantastic start to 2016 and I am delighted that CWind is now a part of the Global Marine family.
“Global Marine has over 165 years of subsea experience and that, combined with CWind’s integrated service offering, means we can provide unparalleled value for our clients in construction and O&M, positioning the company to fully exploit the opportunities in front of us.”
In its last financial year finishing 30 September 2015, CWind had total annual revenues of £26.0M ($40.3M); Global Marine reported revenues of £88.9M ($137.1M) during the same period.
Image: CWind Endurance (CWind)
