NEW YORK, Feb. 03, 2016 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc.’s subsidiary, Global Marine Systems Limited (“Global Marine”), announced today the acquisition of a majority interest in CWind Limited (“CWind”), a leading offshore renewables specialist. The purchase of CWind demonstrates Global Marine’s continued commitment to the offshore renewable sector and adds a diverse range of construction and O&M services to its current capabilities.
CWind has built an enviable track record and has to date supported the construction and operation of over 26 wind farms in the North Sea, Irish Sea and the Baltic delivering a broad range of construction and O&M services. In 2014, the company had substantial growth, which led to CWind opening a new office based in Bremen, Germany.
CWind operates an 18-strong fleet that executes a wealth of activities in support of leading wind farm owners and operators, transporting technicians safely to complete essential work to assure cost-effective construction, as well as reliable on-going performance of the offshore wind farm. The 360° Service Solutions CWind offers represent a comprehensive approach to the industry, allowing clients to combine services from a wide array of on-demand services thereby improving efficiency and lowering risk for wind farm customers.
“We are thrilled with the completion of this acquisition,” said Philip Falcone, CEO of HC2 Holdings, Inc. “We believe this transaction underscores Global Marine’s commitment to growth in the offshore renewables market and we look forward to capitalizing on more opportunities in this sector.”
Ian Douglas, CEO of Global Marine, commented, “The acquisition of CWind brings together two companies with a proven commitment to the highest standards of customer delivery, quality and safety. The range of services provided by the team and the vessels within CWind complements Global Marine’s range of installation and maintenance services and creates an organization that is well positioned to address the developing needs of customers in the offshore renewables market.”
Mr. Douglas continued, “I strongly believe the acquisition of CWind demonstrates our commitment to both growth and the offshore renewables market. We recognize the need for greater efficiency and lower costs for our customers and will continue to position ourselves to address the evolving needs of new and existing offshore windfarms and the challenges as we move further offshore.”
Chris Randle, CEO of CWind added, “This is a fantastic start to 2016 and I am delighted that CWind is now a part of the Global Marine family. We share a vision for the long-term sustainable growth of the business in the offshore wind and renewables sector. Global Marine has over 165 years of subsea experience and that, combined with CWind's integrated service offering, means we can provide unparalleled value for our clients in construction and O&M, positioning the company to fully exploit the opportunities in front of us.”
In its last financial year finishing 30 September 2015, CWind had total annual revenues of £26.0M ($40.3M); Global Marine reported revenues of £88.9M ($137.1M) during the same period.
Cautionary Statement Regarding Forward-Looking Statements
Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws and should be evaluated as such. In accordance with the Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, this press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. These statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions, trading characteristics of the HC2 common stock, the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities, our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions, integrating financial reporting of acquired or target businesses, completing future acquisitions, and dispositions, litigation and other contingent liabilities and changes in regulations, taxes and risks that may affect the performance of the operating subsidiaries of HC2. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Manufacturing, Marine Services, Utilities, Telecommunications, Life Sciences, Insurance and Other. HC2’s largest operating subsidiaries include Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in Herndon, Virginia.
About Global Marine Systems Limited
Global Marine Systems Limited, is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its customers around the world.
With a fleet of vessels and specialized subsea trenching and burial equipment, the company has a 165-year legacy in deep and shallow water cable operations. Global Marine’s primary markets are oil & gas, renewable energy & power, telecommunications and deep sea research.
Global Marine holds the RoSPA Order of Distinction in recognition of 16 consecutive years of outstanding occupational health and safety results.
For information on HC2 Holdings, Inc., please contact: Ashleigh Douglas ir@HC2.com 212-339-5875
Source:HC2 Holdings, Inc.