GeoSea Buys HOCHTIEF’s Offshore Assets, Becomes Full Owner of ‘Innovation’
DEME’s marine engineering specialist GeoSea acquires offshore assets of HOCHTIEF, one of Germany’s leading international construction groups.
HOCHTIEF is selling offshore assets to marine contractor and long-term partner GeoSea. GeoSea has had decades of success in marine engineering and is now acquiring full ownership of the heavy-lift jack-up vessel ‘Innovation’, one of the largest jack-up vessels in the marine construction industry.
On top of that, GeoSea takes over some other obligations, with regard to assets and personnel. These obligations, however, have negligible impact on the consolidated balance sheet of DEME.
Luc Vandenbulcke, Managing Director GeoSea, said: “Both market expectations and order book require continuous investments. This transaction is a significant contribution to expand GeoSea’s activities in the European offshore wind market.”
The sale is subject to certain customary conditions including regulatory approvals.