SPIE Oil & Gas targets offshore wind with Correll Group acquisition

European energy company SPIE Oil & Gas Services has acquired 85% of Correll Group, an engineering, installation and maintenance specialist in the offshore wind sector.

Correll Group was founded in 2014 and its expertise includes the connection and testing of submarine high-voltage cables for the interconnection of wind farms.

The UK-based company is expected to generate revenue of c.55 million euros ($59 million) in 2023 associated with a high level of margin.

SPIE will finance the acquisition with their existing financial resources of the Group. It will acquire 85% of the share capital upon completion, while the remaining 15% will be retained by the Correll management team.

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With this acquisition, SPIE Oil & Gas Services will boost its diversification strategy towards renewable energies and will become SPIE Global Services Energy as of January 2024.

SPIE expects to complete the transaction in January 2024, subject to customary closing conditions.

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.”

Since 2020, SPIE has won several contracts in the French offshore wind sector, including two related to the Fécamp and Courseulles-sur-Mer offshore wind farms.

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.”