NEW YORK, Feb. 03, 2016 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc.’s subsidiary, Global Marine Systems Limited (“Global Marine”), announced today the acquisition of a majority interest in CWind Limited (“CWind”), a leading offshore renewables specialist. The purchase of CWind demonstrates Global Marine’s continued commitment to the offshore renewable sector and adds a diverse range of construction and O&M services to its current capabilities.
CWind has built an enviable track record and has to date supported the construction and operation of over 26 wind farms in the North Sea, Irish Sea and the Baltic delivering a broad range of construction and O&M services. In 2014, the company had substantial growth, which led to CWind opening a new office based in Bremen, Germany.
CWind operates an 18-strong fleet that executes a wealth of activities in support of leading wind farm owners and operators, transporting technicians safely to complete essential work to assure cost-effective construction, as well as reliable on-going performance of the offshore wind farm. The 360° Service Solutions CWind offers represent a comprehensive approach to the industry, allowing clients to combine services from a wide array of on-demand services thereby improving efficiency and lowering risk for wind farm customers.
“We are thrilled with the completion of this acquisition,” said Philip Falcone, CEO of HC2 Holdings, Inc. “We believe this transaction underscores Global Marine’s commitment to growth in the offshore renewables market and we look forward to capitalizing on more opportunities in this sector.”
Ian Douglas, CEO of Global Marine, commented, “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 organization that is well positioned to address the developing needs of customers in the offshore renewables market.”
Mr. Douglas continued, “I strongly believe the acquisition of CWind demonstrates our commitment to both growth and the offshore renewables market. We recognize the need for greater efficiency and lower costs for our customers and will continue to position ourselves to address the evolving needs of new and existing offshore windfarms and the challenges as we move further offshore.”
Chris Randle, CEO of CWind 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.”
In its last financial year finishing 30 September 2015, CWind had total annual revenues of £26.0M ($40.3M); Global Marine reported revenues of £88.9M ($137.1M) during the same period.
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About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Manufacturing, Marine Services, Utilities, Telecommunications, Life Sciences, Insurance and Other. HC2’s largest operating subsidiaries include Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in Herndon, Virginia.
About Global Marine Systems Limited
Global Marine Systems Limited, is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its customers around the world.
With a fleet of vessels and specialized subsea trenching and burial equipment, the company has a 165-year legacy in deep and shallow water cable operations. Global Marine’s primary markets are oil & gas, renewable energy & power, telecommunications and deep sea research.
Global Marine holds the RoSPA Order of Distinction in recognition of 16 consecutive years of outstanding occupational health and safety results.