Global Marine acquires majority in CWind

Friday, 5 February, 2016 - 11:00

Global Marine Systems has acquired a majority interest in CWind. CWind’s services and vessels complement Global Marine’s range of installation and maintenance services, the company states.

Global Marine Systems Ltd. has announced the acquisition of a majority interest in CWind Ltd. The purchase of CWind adds a diverse range of construction and O&M services to its current capabilities and “demonstrates Global Marine’s continued commitment to the offshore renewable sector”, the company wrote in a press release.

CWind operates an 18-strong fleet that executes a wealth of activities in support of leading wind farm owners and operators, transporting technicians in safety to complete essential work to assure cost-effective construction, as well as reliable on-going performance of the offshore wind farm. The company has built a remarkable track record and has to date supported the construction and operation of over 26 wind farms in the North Sea, Irish Sea and the Baltic delivering a broad range of construction and O&M services. Meanwhile, Colchester-based CWind also has an office in Bremen, Germany.

Ian Douglas, CEO of Global Marine, commented: “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 organisation that is well positioned to address the developing needs of customers in the offshore renewables market. I strongly believe the acquisition of CWind demonstrates our commitment to both growth and the offshore renewables market. We recognise the need for greater efficiency and lower costs for our customers and will continue to position ourselves to address the evolving needs of new and existing offshore windfarms and the challenges as we move further offshore.”

Chris Randle, CEO of CWind added: “This is a fantastic start to 2016 and I am delighted that CWind is now a part of the Global Marine family. We share a vision for the long-term sustainable growth of the business in the offshore wind and renewables sector. Global Marine has over 165 years of subsea experience and that, combined with CWind's integrated service offering, means we can provide unparalleled value for our clients in construction and O&M, positioning the company to fully exploit the opportunities in front of us.”

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

Katharina Garus / Global Marine Systems

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