BW Offshore, a provider of floating production services to the offshore sector, has signed a share purchase agreement to become a strategic owner of Ideol S.A., a France-based privately held company that specializes in floating offshore wind technology.
“We see solid opportunities for developing offshore power production solutions to drive energy transition at global scale,” says Marco Beenen, CEO of BW Offshore. “We are combining our four decades of offshore development, financing and operational experience with Ideol’s proven floating offshore wind technology and expertise. Together we are entering this emerging market with significant long-term growth and value creation potential.”
Ideol S.A. will become a wholly owned subsidiary of a new entity named BW Ideol, as a fully integrated developer of large-scale floating offshore wind projects. BW Ideol says it will have clear strategic targets: growth as a technology and EPC services provider, expanding and maturing a significant portfolio of development projects, and becoming a long-term asset owner and operator.
Ideol has 10 years of experience from engineering and supporting floating offshore wind projects from conception to installation. The company has over 60 employees, of which 90% are engineers covering the disciplines required for floating offshore wind technology and project development. The company has installed two full-scale demonstration wind turbines based on its patented floater design and is currently building up a sizeable pipeline of projects as co-developer in Japan, Europe and the U.S.
The transaction and listing are expected to close in the first quarter subject to customary closing conditions and regulatory approvals. In the event of a delay to the planned capital raise and admission to trading, BW Offshore will provide a convertible shareholder loan of up to $12 million to finance BW Ideol’s current development plans and working capital requirements through the year.