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Global Marine in renewables foray taking majority stake in CWind

Subsea specialist Global Marine Systems is pushing into the renewables market acquiring a majority interest in offshore wind support contractor CWind.

Global Marine said on Wednesday it had acquired a majority interest in CWind for an undisclosed price.

CWind has a fleet of 18 vessels and has been involved in the construction and support of operations for 26 wind farms in the North, Irish and Baltic Seas.

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

“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.”

Chris Randle ceo of CWind added: “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.”

Last year CWind had revenues of $40.3m.

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