FSP Corporate team advises FoundOcean on acquisition by Venterra Group
The FSP Corporate team has advised Scottish structural services firm on its acquisition by wind services energy company Venterra Group.
Established in 1966, FoundOcean is the world’s largest dedicated offshore construction grouting company. The company’s primary area of expertise lies in securing structures to the seabed by foundation grouting, including multiple installations for offshore wind farms. FoundOcean provides numerous life extension solutions for offshore assets – including freespan correction of pipelines and cables, pipeline rehabilitation, and jacket strengthening and repair.
Now, it has joined with other experts in the offshore services industry to capitalise on opportunities presented by the global transition to renewable power sources, especially wind energy.
Led by executive chairman and former Petrofac CEO, Ayman Asfari, Venterra Group aims to create a “global services champion” to support demand and accelerate growth in the offshore wind sector.
Jim Bell, managing director of FoundOcean, said: “Venterra absolutely shares our vision at FoundOcean, helping the world’s energy transition through wind power. This is a fantastic opportunity for everyone involved and we very much look forward to working with the other member companies. Together, we will have a strong presence in the renewables sector with our excellent services offering.
“Venterra’s aim of building a global services group of complementary and like-minded businesses to support the offshore wind industry fits perfectly with the vision of our FoundOcean leadership team. We are all very excited about the support Venterra will provide in enabling FoundOcean to grow further and achieve more than we could by ourselves.
“This partnership of businesses working together will create jobs in our local communities, many of these requiring high levels of professional skill, and enable us to build a robust supply chain in renewable energy. Equally, it will allow us to offer an extremely comprehensive range of services to our clients.”
The team at FSP was led by corporate partner Jeremy Parkes with assistance from Ian Wood-Smith (senior partner, corporate), Penelope Garden (partner, corporate) and Christian Meredith (solicitor, employment).