Global Marine swoops for CWind!
Posted on: 04/02/2016

Essex-based Global Marine Systems has acquired a majority interest in offshore renewables specialist CWind.

The firm, which reported revenues of almost £90m in its last financial year, said the purchase demonstrates its ‘continued commitment’ to the offshore renewable sector, and adds a range of construction and O&M services to its current capabilities.

CWind has supported the construction of 26 wind farms in the North Sea, Irish Sea, and the Baltic to date.

The engineering and underwater services provider operates an 18-storng fleet which ‘executes a wealth of activities’ in support of wind farm owners and operators, and ensures technicians are able to safely complete essential work to assure cost-effective construction.

Ian Douglas, chief executive of Global Marine, said: "The acquisition of CWind brings together two companies with a proven commitment to the highest standards of customer delivery, quality and safety.

"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."

CWind chief executive Chris Randle 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."

CWind reached revenues of £26m in the year ending 30th September 2015, whilst Global Marine Systems reported revenues of £88.9m during the same period.

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