Føn Energy Services and C-Ventus combine offshore wind forces
15th, May 2024 – Føn Energy Services and Dutch offshore wind farm services company C-Ventus are joining forces to create a leading European O&M (operations & maintenance) player within offshore wind.
“Combining a strong presence in the North Sea and the financial muscles of Føn Energy Services with C-Ventus’ European track-record and scalable operating model with in-house project management and engineering, enable us to strengthen our integrated service model and deliver cost-efficient O&M service operators across Europe”
Føn Energy Services is backed by Norwegian industrial group IKM and Oslo-listed industrial investment company Akastor. Føn Energy Services has approximately 90 employees and three decades of O&M experience from the offshore market. The company currently has operations in Norway, Sweden, Denmark, and Germany
Knowledge-house with scalable model
C-Ventus is a leading provider of O&M services for the offshore wind market. The company’s expertise covers balance of plant-services for both topside and subsea equipment, installation support and decommissioning services.
C-Ventus delivers project management and engineering from its Dutch headquarters where they have built up a team with unmatched knowledge and experience in the offshore wind market. In addition, the company utilises a Europe-wide network of approximately 350 field technicians with 10+ years of experience to execute on O&M work. Its scalable operating model is based on designing optimal O&M concepts tailored for the individual offshore wind farm which includes the use of technology, digital solutions, logistics set-up and team composition.
Over the past 12 years, C-Ventus has supported more than 25 offshore wind farms in the UK, Germany, the Netherlands, and Belgium. The company’s client list includes names such as Vestas, Vattenfall, RWE, Eneco, TenneT, Shell and many others. C-Ventus is owned by DISA International.
“Our joint plan is to take C-Ventus’ well proven and highly efficient O&M operating model, apply it to Føn Energy Services, and use it as a catalyst for geographical expansion to the rest of Europe. Our business model enables us to scale up our business substantially without incurring unnecessary costs for our clients. We look forward to building an even stronger O&M player together with Føn Energy Services”
The transaction
Føn Energy Services will acquire 100 percent of the shares in C-Ventus from current owner DISA International, a global provider of marine engineering, civil construction and offshore oil and gas services. The consideration consists primarily of shares in Føn Energy Services resulting in DISA controlling 22.67% of class A shares in the company. Akastor and The IKM Group will both control 38.67% of the Class A shares. The parties have not disclosed the financial details of the transaction.
DISA International’s managing director, Didier de Graaff, will join the Føn Energy Services board of directors.
“Although the transaction is legally structured as an acquisition, from an operational perspective it is a merger of competence, manpower, businesses, and brands. We look forward to becoming shareholders of the combined business and to developing the group together with the two powerful and highly reputable co-owners IKM and Akastor”
Following the completion of the merger, C-Ventus will start to operate under the Føn Energy Services brand immediately.
Buy and build-strategy
Føn Energy Services has an ambition of industrializing and digitizing the O&M segment of the wind industry to increase efficiency and reduce cost of operations. Part of its strategy is to utilise M&A to consolidate, scale up and further professionalize the O&M segment of the offshore wind value chain.
Partnering with C-Ventus is the first stepping stone of this M&A strategy to build up a large, leading European O&M player within offshore wind.
Føn Energy Services will adopt C-Ventus’ proven operating model and expand this to the North Sea region and elsewhere in Europe. Føn Energy Services’ owners, IKM, Akastor and DISA, aim to contribute with their industrial backing as well as extensive customer networks in the region.
“With C-Ventus now becoming part of Føn Energy services, we will expand our market presence to also include UK, Belgium, and the Netherlands. This is the first step in Føn Energy Services’ strategic in-organic expansion plan towards becoming a leading service provider in the offshore wind market”
