COPENHAGEN, July 7 (Reuters) – Investment firms 3i Infrastructure and AMP Capital have agreed to buy Danish shipping company Esvagt for 4.1 billion Danish crowns ($607 million), aiming to tap growing demand for servicing offshore wind farms.
Esvagt is being sold by Danish shipping and oil group A.P. Moller-Maersk, which controls 75 percent of the shares, and a group of individual investors who own the rest.
It has a fleet of 43 vessels and is a provider of offshore safety and support primarily in and around the North Sea and the Barents Sea.
The buyout will be backed with 3 billion crowns of leveraged loans in a financing deal led by Royal Bank of Canada and Royal Bank of Scotland, banking sources said.
The financing comprises around 2 billion crowns of term loans and 1 billion crowns of undrawn facilities, both denominated in Danish, Norwegian and Swedish crowns as well as sterling, the sources said.
The loans will be sold to investors in a syndication process in the coming weeks, the sources added.
Esvagt made a record profit of 252 million crowns in 2014 on turnover of 943 million crowns.
Since 2010, the company has been servicing the Bligh Bank Offshore Wind Farm for Danish wind turbine maker Vestas .
This year, it has put two specially built service vessels for offshore wind turbine farms into operation for Siemens Wind Power.
A.P. Moller-Maersk has offloaded a string of companies and stakes in subsidiaries in recent years to focus on container shipping, oil, port operations and drilling. It has booked more than $11 billion from divestments since 2009.
($1 = 6.7689 Danish crowns) (Reporting by Ole Mikkelsen; Additional reporting by Claire Ruckin in London; Editing by Mark Potter and Pravin Char)
Orsted Chief Executive Mads Nipper will step down to be replaced by company insider Rasmus Errboe, the world's biggest offshore wind developer said on Friday, as it seeks to arrest an 83% slump in its share price since its 2021 peak.
The developer behind New Jersey’s first offshore wind farm plans to continue the project despite Shell’s withdrawal from the project. Shell on Thursday announced its exit from the Atlantic Shores...
Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Donald Trump seeks to stymie the industry’s development with executive orders.
January 30, 2025
Total Views: 1658
Sign Up Now for gCaptain Daily
We’ve got your daily industry news related to the global maritime and offshore industries.
JOIN OUR CREW
Maritime and offshore news trusted by our 109,002 members delivered daily straight to your inbox.
Your Gateway to the Maritime World!
Essential news coupled with the finest maritime content sourced from across the globe.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.