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Integrated Wind Solutions in acquisition mode
Integrated Wind Solutions – whose subsidiary Awind recently ordered two service operation vessels (SOVs) and was awarded a contract for one of them on the Dogger Bank offshore windfarm – has made its first acquisition
Apart from owning and operating SOVs, Integrated Wind Solutions wants to become an integrated service provider, providing engineering, product and manpower services during the installation, commissioning and operations phase of offshore windfarms.
With this is mind, it has acquired a 75% stake in Procon Group, a Danish engineering, construction and service solution provider specialising in electrical and technical solutions to the renewables industry, with a focus on offshore and onshore wind as well as solar power.
ProCon delivers specialist solutions including design, engineering, pre-assembly, installation, commissioning, service, inspection, maintenance and retrofits for offshore wind foundations, turbines and substations.
Integrated Wind Solutions chief executive Lars-Henrik Røren said the acquisition was “the first stepping stone towards our ambition to become the leading provider of integrated service solutions in the offshore wind sector.
“The acquisition of ProCon will be our first under the IWS Services division portfolio, and it is the perfect opportunity to further accelerate our growth plans as service solution providers to offshore wind clients,” he said.
Based in Aalborg, Denmark, ProCon had a turnover of approximately Dkr84M (US$13M) in 2020. Integrated Wind Solutions paid Dkr60M in cash for its share in the company. ProCon’s founder, Claus Søgaard Poulsen, retains 25% ownership and will continue as chief executive. The transaction is expected to close by the end of July 2021.
Integrated Wind Solutions is a newly established offshore wind service company currently wholly owned by the Awilhelmsen Group. The company aims to be a leading offshore wind service player, integrating SOVs with engineering and manpower services.
The company has placed newbuild construction contracts with China Merchants Industry Holdings for the construction of two UT5519DE SOVs. The deal includes options to acquire a further four vessels.
The vessels, Awind 1 and Awind 2, are scheduled for delivery in Q1 and Q2 2023 respectively from China Merchants Industry Holdings.
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