Technip has expanded its position in the renewables sector with the acquisition of all of the assets of Subocean Group, which works in the marine renewables sector. The company said that the acquisition will contribute to its strategy to develop a leading position in the renewables market in the coming years, focusing on offshore wind services.
Technip will take on around 300 employees, land-based assets and the operations of some key contracts in backlog, and will therefore become a leading player in offshore wind cable installation.
The acquisition builds on Technip’s track record in wind energy, which includes delivery of Hywind, the world’s first full scale, floating wind turbine. Technip’s upfront investment will be around £10 million.
Technip’s ambitions in the offshore wind sector were announced in early 2010 when it launched its operating center in Aberdeen, UK as its headquarters for all European Offshore Wind projects.
Ron Cookson, Managing Director, Technip UK said, “We are very pleased to have been able to capitalize upon the high potential renewables market and look forward to welcoming Subocean into the Technip Group.”