SPIE Oil & Gas has acquired 85% of Correll Group, as the company seeks to diversify its renewables portfolio.
Chosen for its specialty, connecting and testing of submarine high-voltage cables for offshore wind farm interconnection worldwide, U.K.-based Correll Group brings with it over 600 employees and contractors.
“The acquisition of Correll Group is a significant milestone for SPIE Oil & Gas Services and its diversification strategy towards renewable energies, in addition to the emblematic contracts previously signed by the group in the offshore wind sector,” says SPIE managing director, Christophe Bernhart.
SPIE expects to complete the transaction next month, subject to customary closing conditions, when the company will also become SPIE Global Services Energy.
The remaining 15% of Correll Group will be retained by the management team, with reciprocal call and put options.