Offshore: DBB Jack-Up Services triples capacity with the addition of new vessels
With the investment in two new jack-up vessels, DBB Jack-Up Services triples capacity and strengthens the company’s market position in maintenance of offshore wind turbines. The vessels are built to withstand extreme weather conditions and they operate as ordinary ships as well as jack-up rigs, where the hull is elevated over the surface of the sea on four legs. The new additions to the fleet will meet the increasing demand in Denmark and the rest of Europe alike, and the company expects additional investments in the future.
Aarhus, August 28th 2012 – With the purchase of a brand new vessel and a contract for an additional new jack-up ship, the Aarhus-based company DBB Jack-Up Services is cornering the market of specialised service for the offshore wind turbine industry. Both new vessels are considerably more technically advanced than other vessels in the market and moreover, the two new ships have the advantage of withstanding far worse weather conditions. The ships are used to execute transport and elevation of main components for the wind turbines as well as the transportation of the technical staff repairing, servicing and maintaining offshore wind turbines.
DBB Jack-Up Services already owns the only vessel in the market, which is tailored to service offshore wind turbines, and according to Thorsten Jalk, CEO of DBB Jack-Up Services, the two new vessels will be essential for the company’s continued development as they meet the market demand for flexible solutions for the maintenance of offshore wind turbines.
“These vessels can operate in rougher seas, at greater water depths, with increased elevating height and carry more weight than any other vessel in the market – and that is exactly what meets the demand from energy companies and wind turbine manufacturers in Europe. In short, we have invested in the right tool with an extensive utilization ratio in the tough offshore market, and consequently this is an investment in the future, “says Thorsten Jalk, CEO of DBB Jack-Up Services.
DBB Jack-Up Services has tripled its capacity with the new acquisitions, and moreover, the company has an option for another two brand new vessels and an additional ambition to purchase four or five vessels in two to three years. Vagn Lehd Møller, Chairman of the Board of DBB Jack-Up Services, points out that the company has made the investments without a charter agreement in place, but from a desire to become the market leader.
“We have chosen an offensive strategy, because we strongly believe that there is a specific demand for what we have to offer. We have extensive experience in the field and we are the only company offering tailored jack-up vessels. In close cooperation with our clients, we see good prospects of optimizing the operation of offshore wind turbines and developing the industry, and we have major ambitions to grow the business further. Not only in Denmark, but in all of Europe, “says Vagn Lehd Møller.
Private Equity Fund Made New Investments Possible
The investments in new vessels were made possible by the private equity fund Odin Equity Partners, which took over a significant block of the shares in January 2012. Odin too sees great opportunities for continued growth at DBB Jack-Up Services.
“We are very happy and grateful that our investments support the growth in a Denmark-based company. Traditionally, Danish companies have been a market-leading in sustainable energy, and DBB is no exception. DBB Jack-Up Services delivers exactly the service, which owners of the wind turbines request, because it is reliable and flexible, and therefore, we believe that with the investments in new vessels DBB Jack-Up Services will enforce their position as market-leader, “says Esben Bay Jørgensen, founder of and partner at Odin Equity Partners.
Facts about the new jack-up vessels
JU#2 (WIND PIONEER)
- 50 metres long and 28 metres wide
- Crane with a lift capacity up to 300 tonnes
- Can operate at water depths up to 40 metres
JU#3 (the new jack-up vessel)
- 80 metres long and 32 metres wide
- Crane with a lift capacity up to 500 tonnes
- Can operate at water depths up to 50 metres
Attached
- Picture of DBB Jack-Up Service’s existing vessel
For additional information, please contact:
DBB Jack-Up Services A/S
Thorsten Jalk, CEO
Tel: +45 8730 8400
Odin Equity Partners
Esben Bay Jørgensen, Founder and Partner
Tel: +45 4840 1200
About DBB Jack-Up Services A/S
DBB Jack-Up Services A/S was established the 1st January, 2008, as a sister company to Dansk Bjergning og Bugsering A/S (DBB - Danish Salvage and Towing Company Ltd.). The Company is privately owned and based at the premises of DBB in Aarhus, Denmark, where facilities such as warehouses, repairshop, and offices are shared. The purpose of DBB Jack-Up Services A/S is primarily to provide first class services and equipment to the offshore wind industry with a focus on maintenance. At present, DBB Jack-Up Services A/S operates the self-propelled Jack-Up “WIND” under Danish flag. Beside the requirements of this flagstate, we fully comply with IMO, SOLAS, STCW and all units are classed with IACS-societies.
About Odin Equity Partners
Odin Equity Partners (“Odin”) is a partner-driven independent private equity fund based in Denmark. Odin was founded by Esben Bay Jørgensen, Jesper Wadum Nielsen and Bernd Petersen in 2005 with focus on majority investments in smaller and medium-sized enterprises with a revenue range of DKK 200 to 1.000 million. Today Odin manages investments worth more than DKK 2.500 million and through the years, the fund has invested in a number of Danish and Swedish manufacturing and service companies. The objective of Odin Equity Partners is to create long-term value by means of significant increase of the size and revenue of the companies through strategic add-on acquisitions and organic growth, as well as the completion of operational improvements and a professionalization of the leadership structures in each company. For additional information, visit www.odinequity.dk.
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