Presse release - SPIE strengthens its position in the offshore wind sector with the acquisition of Correll Group
07 Dezembro 2023 - 1:43PM
Presse release - SPIE strengthens its position in the offshore wind
sector with the acquisition of Correll Group
Cergy, December 7, 2023 – SPIE,
the independent European leader in multi-technical services in the
areas of energy and communications, announces the acquisition of
85% of Correll Group, a leading player in engineering,
installation, and maintenance services in the offshore wind
sector.
Correll Group, a major player in electrical
engineering applied to the offshore wind energy sector, stands out
for its expertise in the connection and testing of submarine
high-voltage cables for the interconnection of wind farms. The
company, founded in 2014 and headquartered in Skelton (United
Kingdom), deploys its expertise in the offshore wind sector all
over the world, and particularly in Europe (Atlantic, Baltic, and
North Sea), the United States and Taiwan with its 109 high skilled
employees and more than 500 expert contractors. Correll Group is
expected to generate revenue of c.55 million euros in 2023
associated with a high level of margin, accretive for SPIE Oil
& Gas Services.
SPIE will acquire 85% of the share capital upon
completion, while the remaining 15% will be retained by the
management team (with reciprocal call and put options). This
acquisition would create significant value thanks to the very high
growth and high profitability perspectives. The acquisition will be
financed with the existing financial resources of the Group.
For SPIE Oil & Gas Services, this
acquisition represents a major step in its diversification strategy
towards renewable energies implemented several years ago to support
its customers in their energy transition. Since 2020, SPIE has won
several significant contracts in the French offshore wind sector,
including two related to the Fécamp and Courseulles-sur-Mer
offshore wind farms. In the Middle East, SPIE Oil & Gas
Services also provides maintenance services on photovoltaic
installations to TotalEnergies Renewables Distributed Generation in
Dubai.
Christophe Bernhart, Managing Director
of SPIE Oil & Gas Services, said: “The acquisition of
Correll Group is a significant milestone for SPIE Oil & Gas
Services and its diversification strategy towards renewable
energies, in addition to the emblematic contracts previously signed
by the Group in the offshore wind sector. Our new name, SPIE Global
Services Energy, perfectly highlights this strategic focus and
demonstrates the Group's commitment and determination to take a
leading role in the global transition towards low-carbon
energy.”
Sam Dowey, Managing Director of Corell
Group, said: “The offshore wind sector is expected to grow
substantially over the coming years and by joining SPIE we will be
able to become a partner of choice for our customers.”
With this acquisition, SPIE Oil & Gas
Services accelerates its diversification strategy towards renewable
energies and will become SPIE Global Services Energy as from
January 2024.
SPIE expects to complete the transaction in
January 2024, subject to customary closing conditions.
About SPIE
SPIE is the independent European leader in
multi-technical services in the areas of energy and communications.
Our 48,000 employees are committed to achieving the energy
transition and digital transformation alongside our customers. SPIE
achieved in 2022 consolidated revenues of €8.09 billion and
consolidated EBITA of €511 million.
Contacts
SPIEPascal OmnèsGroup Communications Director Tel.
+ 33 (0)1 34 41 81 11pascal.omnes@spie.com |
SPIEAudrey BourgeoisInvestor Relations
DirectorTel. + 33 (0)1 34 41 80 72audrey.bourgeois@spie.com |
IMAGE 7Laurent PoinsotTel. + 33 (0)1 53 70 74
77lpoinsot@image7.fr |
Droit Devant agency (for SPIE Oil & Gas
Services)Valentin GrandpréPress Relations ConsultantTel.
+33 (0) 7 61 94 62 24grandpre@droitdevant.fr |
www.spie.comhttps://www.facebook.com/SPIEgrouphttp://twitter.com/spiegroup
Disclaimer
Certain information included in this press
release are not historical facts but are forward-looking
statements. These forward-looking statements are based on current
beliefs, expectations and assumptions, including, without
limitation, assumptions regarding present and future business
strategies and the environment in which SPIE operates, and involve
known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements, or industry
results or other events, to be materially different from those
expressed or implied by these forward-looking statements.
Forward-looking information and statements are not guarantees of
future performances and are subject to various risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of SPIE. Actual results could differ materially
from those expressed in, or implied or projected by,
forward-looking information and statements. These risks and
uncertainties include those discussed or identified under Chapter 2
“Risk factors and internal control” of SPIE’s 2022 Universal
Registration Document, filed with the French Financial Markets
Authority (AMF) on April 12th, 2023 under number D.23-0265, which
is available on the website of SPIE (www.spie.com) and of the
Autorité des marchés financiers (www.amf-france.org). This press
release includes only summary information and does not purport to
be comprehensive. No reliance should be placed on the accuracy or
completeness of the information or opinions contained in this press
release.
This press release does not contain or
constitute an offer of securities for sale or an invitation or
inducement to invest in securities in France, the United States or
any other jurisdiction.
- Presse release - SPIE strengthens its position in the offshore
wind sector with the acquisition of Correll Group
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