Colchester 1 December 2016
CWind Limited a leading provider of services to the offshore wind industry, announced today that it is now wholly-owned by Global Marine Systems Limited following the majority interest acquisition that took place in February this year and the subsequent purchase of the remaining minority stake in November. The acquisition bolsters CWind’s growth plans as the two companies pool their extensive capabilities to provide a more comprehensive offering across the expanding offshore wind construction and maintenance market.
Currently, CWind’s entire 22 strong-fleet of Crew Transfer Vessels (CTVs) are working alongside a vessel with dynamic positioning capability (DP2), conducting operations across Europe, with over 100 highly-skilled technicians completing a range of critical services for wind farm owners, including temporary power supply, blade repair and corrosion protection. CWind has had an outstanding year, with 23 project wins to date, making it one of the most successful years since the company was established in 2009.
Managing Director, Lee Andrews said, “This is a pivotal time in the Company’s journey. CWind now has the backing and support of Global Marine, including the financial stability, that will enable us to take the next step in delivering larger and more complex projects. CWind has chartered a DP2 vessel to work in the German sector supported by our own CTVs and technicians, a first for the company delivering a work package of this magnitude. Without the backing of Global Marine this wouldn’t have been possible.”
Alongside their parent Global Marine, CWind is now evolving their service offering in order to provide a greater variety of subsea and topside services, responding to market demands. Equally, the Company is developing their O&M offering as they now have access to large assets as part of the shared asset portfolio.
Ian Douglas, CEO, Global Marine added, “I am delighted that we have now fully completed the acquisition of CWind, allowing us to build even deeper synergies between the two companies. Lee and the team at CWind are already offering a comprehensive range of services to the market and have been successful in becoming a leading supplier. Now, with our support, they will no doubt drive the business further to meet the future needs of OEMs and developers. Our plans for growth continue and I’m pleased to announce that CWind will be bringing a second, multi-purpose DP2 vessel to the market as a ‘ready-to-go’ service platform in the North East of England in the coming months.”
About CWind
CWind is an Integrated Service Provider (ISP) that supports the wind industry by providing on-demand services as well as 360° solutions to ensure the success of our clients’ projects. We’re focused on helping you to achieve your key objectives, and constantly investing to ensure we have the right tools and plenty of talented people to carry out a wide range of tasks.
CWind has a proven track record of delivering cost-effective solutions. And we’ve got everything you’re likely to need: Fuel-efficient and modular vessels, proven project solutions, highly experienced turbine technicians and fully accredited training services. We can deliver it all as stand-alone or packaged services, wherever and whenever needed. CWind is a wholly owned subsidiary of Global Marine Systems Limited.
For further information please contact:
www.cwind247.com
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 specialised 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 17 consecutive years of outstanding occupational health and safety results.
Global Marine has two longstanding joint ventures in China, S.B. Submarine Systems and Huawei Marine Networks, and acquired the offshore renewables specialist CWind in 2016.
About HC2 Holdings, Inc.
HC2 Holdings, Inc. HC2 Holdings, Inc. is a publicly traded (NYSE MKT: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 DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York.
For information on HC2 Holdings, Inc., please contact:
Andrew G. Backman
Managing Director – Investor Relations & Public Relations
HC2 Holdings, Inc.
ir@HC2.com http://hc2.com
