GeoSea Acquires A2SEA

DONG Energy and Siemens have signed an agreement with Belgian GeoSea stating that GeoSea will acquire the full ownership of A2SEA.

A2SEA will continue to operate out of Denmark with offshore wind turbine service and installation.

DONG Energy and Siemens have been owners of A2SEA since 2009, when both companies needed to consolidate their position in the offshore wind market. However, owning A2SEA is no longer within the scope of their core businesses and therefore the divestment came naturally, the company explained.

Thomas Dalsgaard, executive vice president in DONG Energy and chairman of A2SEA, said: “I’m pleased that we’ve now found a new owner of A2SEA. Owning an offshore wind turbine installation company, however, isn’t within the scope of our core business and we’ve therefore been looking for a new owner.”

He added: “With the new owner, I feel confident that A2SEA will be in very good hands. GeoSea is in a position to contribute to A2SEA’s continued stable operating results and ensure the continued positive development of the offshore wind installation company.”

Luc Vandenbulcke, managing director GeoSea said: “The activities of A2SEA represent a strong and complementary fit with GeoSea’s operations. The combined organisation will be well positioned to provide a broader range of integrated services and solutions to offshore wind energy customers.”

The transaction, which is conditional upon authority approval, is expected to be completed in the third quarter of 2017.