Hochtief continues streamlining with offshore sale
21 October 2014
German contractor Hochtief has continued to streamline its operations with the sale of the company’s offshore construction assets to GeoSea.
The deal, which involves the transfer of one of the largest marine construction jack-up vessels in the industry, follows the disposal of other interests including property firms Format and Aurelis.
Belgium-based GeoSea, part of the DEME group, specialises in marine engineering and employs 4,500 people.
According to Hochtief, its latest divestment would lead to a “positive book gain”, but the firm has said there will be no further information released surrounding the sale.
Hochtief CEO Marcelino Fernández Verdes said, “In recent years, we have developed into a leading provider in the offshore wind market in Germany. However, the company’s focus has recently been shifted. GeoSea operates in various offshore segments and will use our resources and our know-how for further growth."
Managing director of GeoSea Luc Vandenbulcke added that the deal would provide a “significant contribution” towards enhancing its offshore wind energy activities.
