Jan 23 2010
Riverstone Holdings has successfully completed the acquisition of Seajacks International, which was previously announced, for a total of US$207 million in cash through its renewable energy fund. With this acquisition, Seajacks International becomes a wholly-owned company of Riverstone Holdings.
Seajacks International, at present, owns two self-propelled jack up vessels, the Seajacks Kraken and Seajacks Leviathan. These vessels are currently being operated out of Great Yarmouth in the United Kingdom. Both the vessels are specifically built for purpose of offshore wind turbines installations. They are also capable of providing niche services for the North Sea oil and gas industry.
Seajacks Kraken, at present, is performing gas field service work for TAQA and is set to commence a 15-month contract shortly to install wind turbines at the Walney offshore wind farm for DONG Energy. The Walney offshore wind farm is located in the Irish Sea. The other vessel, Seajacks Leviathan, is contracted with Fluor for a period of 15 months to provide wind turbine installations services at Greater Gabbard. This project is one of largest wind farms in the world, which is being developed off the Kent coast.
Riverstone Holdings plans to expand the businesses of Seajacks to make it one of the leading offshore wind service providers in Europe. To meet the fast-growing turbine installation and maintenance market, the company is keen on expanding its current fleet of vessels and will be committing significant amount of capital for this purpose.
Managing Director of Seajacks, Blair Ainslie, said that with financial and knowledge support from Riverstone, Seajacks will be able to expand its business thus not only create more jobs but also help UK and other European governments to meet their offshore wind energy targets.