Marubeni, INCJ Team Up To Buy Seajacks From Riverstone
To acquired offshore services company that operates primarily in the European offshore oil and gas markets, gaining self-propelled jack-up vessels equipped for harsh conditions of North Sea.
Marubeni Corp., Tokyo, (Tokyo: 8002) and Japanese government-sponsored private equity corporation Innovation Network Corporation of Japan plans to acquire Seajacks International from funds controlled by New York-based energy focused private-equity firm Riverstone Holdings LLC for an undisclosed price.
Seajacks International is an offshore services company that operates primarily in the European offshore wind market but also works in the European offshore oil and gas markets. Seajacks owns and manages self-propelled jack-up vessels equipped for the harsh conditions of the North Sea. Riverstone and the Seajacks' management team acquired Seajacks in January 2010 in a take-private transaction. Since then, Seajacks has expanded its operations throughout Europe and is in the process of adding vessels to its fleet. The next vessel is set to be delivered in May.
Marubeni intends to integrate the Seajacks business into its Power Projects & Infrastructure division.
Marubeni executive officer and chief operating officer Masumi Kakinoki says, “Marubeni's current involvement in offshore wind projects in Europe and our engineering, procurement and construction expertise make Seajacks an ideal fit for our portfolio. Together, we will be able to build on Seajacks' leading position in the European offshore energy services sector.”
Riverstone partner Lord John Browne of Madingley says, “We are very proud of the fleet which the Seajacks management team has assembled and the value the company has created for our investors while meeting the needs of the fast-moving offshore renewable energy industry in Europe. We wish Seajacks and Marubeni future success.”
Seajacks U.K. managing director Blair Ainslie says, “This is a logical step forward for Seajacks, and great news for our loyal staff and for our valued customers. With Marubeni and INCJ as our owners, we will be able to expand our fleet and consolidate our position as one of the leading turnkey offshore energy service companies in Europe.”
The sale is expected to close at the end of April.