Global Marine Acquires Majority Stake In Offshore-Focused CWind

Posted by Betsy Lillian on February 05, 2016 No Comments
Categories : FYI

Global Marine Systems Ltd., a provider of engineering and underwater services, has acquired a majority interest in offshore renewables specialist CWind Ltd., based in Colchester, U.K.

According to Global Marine – which has main offices in Chelmsford, U.K., and Singapore – the purchase demonstrates the company’s growth in the offshore wind sector and adds a range of construction and operations and maintenance services to its current capabilities.

CWind has supported the construction and operation of over 26 wind farms in the North Sea, Irish Sea and Baltic Sea, says Global Marine.

In its last financial year finishing Sept. 30, 2015, CWind had total annual revenues of approximately $40.3 million; Global Marine reported revenues of approximately $137.1 million during the same period.

Ian Douglas, CEO of Global Marine, says, “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 organization that is well positioned to address the developing needs of customers in the offshore renewables market.”

Leave a Comment