Hochtief is Selling Offshore Assets to Belgian Marine Contractor and Long-term Partner GeoSea

In a move to streamline activities, Essen-based construction company Hochtief is selling its offshore assets to marine contractor and long-term partner GeoSea, a subsidiary of the DEME group, Hochtief informed. The Belgian company with a long tradition in marine engineering, is acquiring all of Hochtief‘s jack-up vessels and work pontoons, including full ownership of the heavy-lift jack-up vessel “Innovation”, one of the largest jack-up vessels in the marine construction industry.

“In recent years, we have developed into a leading provider in the offshore wind market in Germany. However, the company’s focus has recently been shifted”, Marcelino Fernández Verdes, CEO of Hochtief commented the sale, which according to Hochtief will lead to a positive book gain for the company.

GeoSea is a company specialising in complex offshore marine engineering projects. It has participated in the construction of various large-scale offshore wind farms including the Alpha Ventus, Baltic 2 and West Borkum II wind farms in German waters. In 2015 GeoSea will work on several offshore windfarm projects inter alia Godewind wind farm in Germany.

The sale was “subject to certain customary conditions including regulatory approvals”, Hochtief said.

Offshore wind power support has been spared cuts in the recent reform of the Renewable Energy Sources Act (EEG) that entered into force on 1 August 2014. A special remuneration scheme for the first 8 years following the commission of an offshore wind power plant has even been extended by two years. Only the largely unrealistic targets for offshore capacity in 2020 and 2030 have been reduced to 6.5 GW respectively 15 GW (cf. Section 3 no. 2 EEG 2014). Offshore wind power support is the second-highest among renewable energy sources (for more information, please see here).

Source: Hochtief

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