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Technip buys Scottish offshore wind subsea cable installer Subocean

French engineering giant Technip has bought Scottish offshore wind subsea cable installer Subocean with an upfront investment of £10 million following Subocean going into administration last week.

By Renewable Energy Focus staff

Technip says the acquisition is part of its strategy to “develop a leading position in the renewables market in the coming years, focusing on offshore wind services.”

Technip launched its operating centre in Aberdeen, Scotland, as its headquarters for all European offshore wind projects in early 2010.

Subocean Group Ltd and its subsidiaries went into administration on 28 January following cash flow pressures in recent months. Around 300 of Subocean’s 380 strong workforce will be taken on by Technip.

Bruce Cartwright, Head of Business Recovery Services at PwC and Joint Administrator for Subocean, says: “Subocean operate in what is still an emerging and immature market, and over recent weeks and months, the directors have worked tirelessly to find a solvent solution that would protect creditors and jobs. Unfortunately it became clear that this strategic approach was no longer feasible and as a result the directors requested the appointment of administrators.”

He adds: “We believe that the deal we have reached not only preserves the business and the employment of the majority of the workforce but will also allow it to develop to a new level. As such it is a critical step in the ongoing development of the renewables industry in Scotland.”

A Technip spokesperson told Renewable Energy Focus that the reason behind buying Subocean is to reinforce its footprint in the renewable energy market, but that she could not give further details on the acquisition.

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