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Riverstone acquires offshore wind services company Seajacks International

Riverstone Holdings LLC's most recent renewable energy fund has completed its previously announced acquisition of offshore wind services company Seajacks International, for a total cash consideration of US$207 million.

Seajacks is now wholly-owned by Riverstone and the management team.

Seajacks currently owns and operates two self-propelled offshore wind jack up vessels out of Great Yarmouth in the UK: the Seajacks Kraken and Seajacks Leviathan. Both vessels are purpose built for installing offshore wind turbines, as well as being able to perform a number of niche operations for the North Sea oil and gas industry.

Seajacks Kraken will shortly commence a 15-month contract for DONG Energy to install offshore wind turbines at the Walney offshore wind farm, located in the Irish Sea.

Seajacks Leviathan is currently on a 15-month contract with Fluor to provide installation services at Greater Gabbard, one of the world's largest wind farms under construction off the Kent coast.

Riverstone plans to grow Seajacks into a leading European offshore wind service business, with an operational base in the UK. The initial focus will be on expanding the current fleet of offshore installation vessels to service the rapidly expanding market for offshore wind turbine installation and maintenance. Riverstone says it expects to devote a substantial amount of new capital for this purpose.

Blair Ainslie, Managing Director of Seajacks, says: "We believe that with Riverstone's knowledge, expertise and substantial financial resources, Seajacks will to be able to grow our business footprint, creating new jobs and helping the UK and other European governments meet their ambitious offshore wind targets. We particularly look forward to playing a significant role in the development of the UK Round 3 sites, which are expected to represent in excess of £100 billion of investment."

Robin Duggan, Principal of Riverstone, adds: "We are impressed with the track record of the Seajacks management team. The company has delivered two purpose built vessels on time and on budget, successfully secured contracts with both offshore wind and oil & gas customers and created a number of skilled jobs. Our ambition is for Seajacks to be the leading UK-based provider of offshore wind installation and maintenance services to the European market, a sector poised for rapid expansion, and to provide focused support services to the North Sea oil and gas industry."

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