Italian energy industry services provider Saipem is set to complete the acquisition of the French Naval Energies' floating wind business.
The two companies first announced the agreement on June 4, and now all the necessary conditions for the completion of the deal have been fulfilled.
Saipem acquired from Naval Energies the activities in the floating wind energy sector relating to the engineering know-how of floating units, the related intellectual property rights and integrated a dedicated team of Naval Energies with expertise in modeling and simulation into its organization.
Naval Energies has created a semi-submersible floater design and has more than a decade of experience in floating offshore wind.
Naval Group had 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 expands its technology portfolio and further strengthens its position in the market of offshore renewables, specifically floating wind, believing that innovation and sustainability are the key to achieving climate neutrality by 2050. Saipem is therefore confirmed as a strategic partner for net Zero," Saipem said Tuesday announcing the completion of the transaction.