GeoSea acquires HOCHTIEF offshore assets

Zwijndrecht 16 October 2014 – DEME’s marine engineering specialist GeoSea acquires offshore assets of HOCHTIEF, one of Germany’s leading international construction groups.

HOCHTIEF is selling offshore assets to marine contractor and long-term partner GeoSea. GeoSea has had decades of success in marine engineering and is now acquiring full ownership of the heavy-lift jack-up vessel ‘Innovation’, one of the largest jack-up vessels in the marine construction industry. On top of that GeoSea takes over some other obligations (with regard to assets and personnel); these obligations however have negligible impact on the consolidated balance sheet of DEME.

Luc Vandenbulcke, Managing Director GeoSea: “Both market expectations and order book require continuous investments. This transaction is a significant contribution to expand GeoSea’s activities in the European offshore wind market.”

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