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HOCHTIEF Sells Offshore Assets to Belgian Marine Contractor GeoSea - HOCHTIEF is selling its offshore assets to marine contractor and long-term partner GeoSea, a subsidiary of the DEME group - DEME-Group.com / HOCHTIEF.com
HOCHTIEF Sells Offshore Assets to Belgian Marine Contractor GeoSea

 

PRZOOM - /newswire/ - Essen, Germany, 2014/10/16 - HOCHTIEF is selling its offshore assets to marine contractor and long-term partner GeoSea, a subsidiary of the DEME group - DEME-Group.com / HOCHTIEF.com.

   
 
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• Further streamlining of HOCHTIEF Europe;
• GeoSea a leading marine engineering company;
• Book gain generated on divestment.

The Belgian company, which has decades of success in marine engineering, is acquiring all of HOCHTIEF‘s jack-up vessels and work pontoons, including full ownership of the heavy-lift jack-up vessel ‘Innovation‘, one of the largest jack-up vessels in the marine construction industry.

The transaction will lead to a positive book gain for HOCHTIEF.

Marcelino Fernández Verdes, CEO of HOCHTIEF: "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."

The sale is subject to certain customary conditions including regulatory approvals.

HOCHTIEF (hochtief.com) is one of the most international construction groups worldwide. The company delivers complex infrastructure projects, in some cases on the basis of concession models. The Group operates in the transportation infrastructure, energy infrastructure and social/urban infrastructure segments as well as in the contract mining business. With around 71,000 employees and a sales volume of more than EUR 25 billion in FY 2013, HOCHTIEF is represented in all the world’s major markets. With its subsidiary Leighton, the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006.

GeoSea is a fast growing company specialising in complex offshore marine engineering projects. GeoSea has participated in the construction of large-scale offshore wind farms including the Alpha Ventus project, the EnBW Baltic 2 wind farm, the Trianel West Borkum II wind farm in German waters, the Westermost Rough project in the UK, the West of Duddon Sand met mast installation in the UK, the Walney and the Ormonde farms in the Irish Sea and the C-Power and the Northwind wind farms off the Belgian Coast. In 2015 GeoSea will undertake works on several offshore windfarm projects as Godewind in Germany and Kentish Flats Extension in the UK. GeoSea’s business also covers more traditional activities such as soil investigation, drilling of large diameter piles and high-tech directional drilling. GeoSea relies on its ability to provide innovative techniques and high operational reliability through high-tech equipment. GeoSea’s jack-up platforms include Innovation, Neptune, Goliath, Vagant, Buzzard, Zeebouwer, Halewijn and Tijl II.

The Belgian dredging, hydraulic engineering and environmental group DEME has earned itself a prominent position on the world market in a few highly specialist and complex hydraulic disciplines. Having its core-business in dredging operations and land reclamation, the group diversified into hydraulic projects at sea, services to oil and gas companies, the installation of offshore wind farms, environmental activities such as soil remediation and sediment recycling, and revalidation of brownfields and wreck clearance. Its multi-disciplinary know-how and experience, project synergies and integrated business structure allowed DEME to grow into a global solutions provider. The Group owns one of the most modern, high-tech and versatile fleets for dredging and hydraulic engineering activities. DEME employs 4,500 people. In 2013 the Group realised a turnover of EUR 2.53 billion.

 
 
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Agency / Source: HOCHTIEF AG

 
 

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HOCHTIEF Sells Offshore Assets to Belgian Marine Contractor GeoSea

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HOCHTIEF AG | DEME Group
Contact: Dr. Bernd Pütter - HOCHTIEF.com 
+49 201 824 2610 presse[.]hochtief.de
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any HOCHTIEF AG securities in any jurisdiction including any other companies listed or named in this release.

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