Saipem to acquire floating wind ops of Naval Energies

Italian oil and gas contractor Saipem SpA (BIT:SPM) said today it will acquire the floating wind business of Naval Energies, a subsidiary of French naval defence company Naval Group.

Naval Energies has been active in floating offshore wind for more than 10 years and has developed a semisubmersible floater concept.

The acquisition covers Naval Energies' engineering know-how on floating units, intellectual property (IP) rights and about 30 resources with expertise in modelling and simulation.

The deal comes after Naval Group’s board had decided in February to launch a process to end Naval Energies’ activities, including the search for a buyer for all or part of the activities.

The agreement between Saipem and Naval Energies was signed on Thursday. Its completion is subject to getting the relevant administrative authorisations.

Saipem said the acquisition strengthens its position in the offshore renewables market.

"With this acquisition, we are expanding our technology portfolio and we position Saipem in the competition for the award of the floating wind project of Groix & Belle-Ile, in France, for which we will leverage on our recognised expertise in executing turnkey projects, at the service of EOLFI,” said Mauro Piasere, head of Saipem offshore new energies business unit.

The Groix & Belle-Ile project is a 28.5-MW pilot floating offshore wind farm to be installed off the coast of Brittany that involves French floating wind expert Eolfi. The facility will use floating platforms by Naval Energies.

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