Marubeni acquires Seajacks International

19 March 2012 (Last Updated March 19th, 2012 18:30)

Marubeni Corporation (Marubeni) and Innovation Network Corporation of Japan (INCJ) have entered into an agreement with Riverstone Holdings to acquire Seajacks International for about $850m.

Marubeni Corporation (Marubeni) and Innovation Network Corporation of Japan (INCJ) have entered into an agreement with Riverstone Holdings to acquire Seajacks International for about $850m.

Marubeni and INCJ will acquire the company, a UK based offshore wind power service provider, on a 50/50 share basis.

The sale is expected to close at the end of April 2012, but the terms of the transaction were not disclosed.

Seajacks International is an offshore services company that operates primarily in the European offshore wind market but also serves the European offshore oil and gas markets.

It owns and manages jack-up vessels equipped for harsh conditions of the North Sea as in the process of expanding its fleet.

Marubeni Corporation COO and executive officer Masumi Kakinoki commented on the deal, "Marubeni's current involvement in offshore wind projects in Europe and our engineering, procurement and construction expertise make Seajacks an ideal fit for our portfolio. Together, we will be able to build on Seajacks' leading position in the European offshore energy services sector."

Since last November, Marubeni has taken an equity stake in the 172MW Gunfleet Sand (UK) offshore wind farm and intends to extend its presence in the industry with the acquistion of of Seajacks.

INCJ president and CEO Kimikazu Noumi added, "INCJ encourages the development of renewable energy and is happy to announce the acquisition of Seajacks, a key player in offshore wind. I am confident that Seajacks and Marubeni will continue to perform a significant role in the growing offshore energy service sector."