Riverstone Completes Acquisition of Seajacks Internationaladmin
Riverstone Holdings LLC’s most recent renewable energy fund has successfully completed its previously announced acquisition of Seajacks International, for a total cash consideration of US$207 million.
Seajacks is now wholly-owned by Riverstone and the management team.
Seajacks currently owns and operates two self-propelled jack up vessels out of Great Yarmouth in the United Kingdom: the Seajacks Kraken and Seajacks Leviathan. Both vessels are purpose built for installing offshore wind turbines, as well as being able to perform a number of niche operations for the North Sea oil and gas industry.
Seajacks Kraken is currently on contract to TAQA carrying out gas field service work and will shortly commence a 15 month contract for DONG Energy to install turbines at the Walney offshore wind farm, located in the Irish Sea. Seajacks Leviathan is currently on a 15 month contract with Fluor to provide installation services at Greater Gabbard, one of the world’s largest wind farms under construction off the Kent coast.
Riverstone plans to grow Seajacks into a leading European offshore wind service business, with an operational base in the United Kingdom. The initial focus will be on expanding the current fleet of vessels to service the rapidly expanding market for turbine installation and maintenance. Riverstone expects to devote a substantial amount of new capital for this purpose.
Blair Ainslie, Managing Director of Seajacks, said, “We believe that with Riverstone’s knowledge, expertise and substantial financial resources, Seajacks will to be able to grow our business footprint, creating new jobs and helping the UK and other European governments meet their ambitious offshore wind targets. We particularly look forward to playing a significant role in the development of the UK Round 3 sites, which are expected to represent in excess of 100 billion pounds of investment.”
Robin Duggan, Principal of Riverstone, said, “We are impressed with the track record of the Seajacks management team. The company has delivered two purpose built vessels on time and on budget, successfully secured contracts with both offshore wind and oil & gas customers and created a number of skilled jobs. Our ambition is for Seajacks to be the leading UK-based provider of offshore wind installation and maintenance services to the European market, a sector poised for rapid expansion, and to provide focused support services to the North Sea oil and gas industry.”
Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone said, “We are extremely committed to our investment strategy in the renewable sector and believe that the offshore wind service sector will be an area of considerable growth in that space. In Seajacks management, we’ve found an ideal partner with the experience and vision to help us participate in that growth.”