Føn Energy Services has set out plans to acquire Dutch offshore wind farm services company C-Ventus as part of a merger expected to boost its offshore wind operations and maintenance capabilities.
Føn Energy Services will acquire 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.
Following the completion of the merger, C-Ventus will start to operate under the Føn Energy Services brand immediately.
“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,” said Didier de Graaff, managing director of DISA International.
“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,” says Torben Hald, CEO of Føn Energy Services.
Føn Energy Services is backed by Norwegian industrial group IKM and Oslo-listed industrial investment company Akastor. Føn Energy Services 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.