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| Hochtief sells offshore assets to Belgian marine contractor GeoSea Hochtief, the German building group controlled by Spain's ACS, is selling its offshore assets to marine contractor and long-term partner GeoSea, a subsidiary of the DEME group. The Belgian company, which has decades of success in marine engineering, is acquiring all of Hochtief's jack-up vessels and work pontoons, including full ownership of the heavy-lift jack-up vessel 'Innovation', one of the largest jack-up vessels in the marine construction industry. The transaction will lead to a positive book gain for Hochtief. Marcelino Fernández Verdes, CEO of Hochtief: "In recent years, we have developed into a leading provider in the offshore wind market in Germany. However, the company's focus has recently been shifted. GeoSea operates in various offshore segments and will use our resources and our know-how for further growth." The sale is subject to certain customary conditions including regulatory approvals. write your comments about the article :: © 2014 Construction News :: home page |