Ballast Nedam agrees to sell offshore wind unit to Van Oord

Nov 28, 2014 - Dutch construction company Ballast Nedam NV (AMS:BALNE) said today it has sealed a deal to divest its offshore wind subsidiary to dredging and marine contractor Van Oord NV.

As announced in late October, Ballast Nedam initiated a sale process for Ballast Nedam Offshore BV, which in 2006 took part in the design and construction of the 108-MW Egmond aan Zee wind farm, the first one off the Dutch coast. The transaction will also involve the transfer of the workforce engaged in the engineering, procurement, construction and installation of offshore wind farms, the Svanen heavy lift vessel and the Westermeerwind project.

Ballast Nedam did not disclose the value of the deal, but said it represents a substantial book profit for the company. The transaction will be completed shortly, once the needed approvals are obtained. The sale aligns with the firm’s divestment programme that was announced in February and means a provisional end to it, the vendor noted.

Also today, Ballast Nedam projected a 2014 operating loss of between EUR 35 million (USD 43.6m) and EUR 45 million as a result of the losses incurred by the A15 Maasvlakte - Vaanplein project and the weak performance of the infrastructure segment.

(EUR 1.0 = USD 1.245)

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