Saipem and Naval Energies close floating transaction

4C Offshore | Tom Russell
By: 13/07/2021 Saipem
Saipem and Naval Energies, a subsidiary of Naval Group, have announced that all the conditions necessary to their recent floating offshore wind business transaction have been verified. On 4th June, Saipem revealed that it will acquire Naval Energies.

Naval Energies has experience in floating offshore wind and has developed a semi-submersible floater concept. Naval Group announced at the beginning of February that it would be ending its developments in the offshore renewable energy sector by starting a process aimed at the cessation of Naval Energies' activities, including the search for a buyer for all or part of the company's activities. The completion of the transaction is subject to obtaining the relevant administrative authorisations.

Saipem stated that the acquisition expands its technology portfolio and further strengthens its position in the market of offshore renewables, specifically floating wind. Saipem has been established in France since 2002 with its subsidiaries Saipem SA and Sofresid Engineering SA. The company, through the New Energies business unit within its E&C Offshore Division, is already active in the renewable energy sphere.

For more information on floating offshore wind activity worldwide, click here.