The Global Marine Group, comprised of the largest independent providers of submarine cable installation, maintenance and related engineering services worldwide announced today that it has legally incorporated its Energy business unit, which was formerly a division of Global Marine Systems Ltd., into a new company named Global Marine Systems Energy Ltd.
"Our Energy business which has operated for years as a division, has grown from a set of opportunistic projects into a legitimate market leader," said Gabriel Ruhan CEO of the Global Marine Group. "This has been an excellent result, and one which requires a new and unique focus and go-to-market model. This restructuring will give each business the structure and funding it needs to continue healthy growth."
Global Marine Systems Ltd, part of the Global Marine Group and wholly owned by Bridgehouse Marine, is a leader in the installation and maintenance of subsea cables for the telecommunications industry. The new energy business, Global Marine Systems Energy Ltd. will focus on the rapidly expanding market for offshore power cable installation around the world.
"The business of installing cable offshore for energy projects is markedly different from our core business of offshore cable installation and maintenance for telecommunications," said Ian Douglas managing director, Global Marine Systems Ltd. "Evolving our corporate structure in this way will allow us to properly address the potential in each of these important markets correctly."
Along with the creation of the new business itself, Mark Leggett has been announced as the managing director for Global Marine Systems Energy Ltd. Mark brings with him over 30 years of experience focused in the energy, renewable energy and oil and gas sectors. Specifically, he has served as CEO at Simon Carves Limited, president and CEO at Aker Kvaerner Engineering Services Limited and sat on the main board of the UK Nuclear Decommissioning Authority as commercial director.
Vessels and equipment, which have been purpose-built for power cable installation, will become part of Global Marine Systems Energy Ltd., with the Global Marine fleet – the largest offshore cable installation and maintenance fleet in the world, available to the entire Global Marine Group. "The new energy business will have full access to the fleet and all of its resources," said John Golding director of fleet operations for Global Marine Systems Ltd.
"Our priority is to put forward the best, most appropriate solution for any given activity these businesses might bring to us be it a telecommunications project such as the recently announced CeltixConnect or an export-cable installation for an offshore wind farm. Our offshore team are unrivalled in their capability and experience in installing both energy and telecoms cables and remain the key factor in our continued success."
Global Marine has recently made a major investment in its vessel, CS Sovereign, with the addition of two 2300 tonne capacity turntables, creating a multi-purpose cornerstone of the fleet. CS Sovereign is one of the most versatile and proven offshore cable installation vessels in the world. The vessel is one of the leading telecommunications installation cable vessels and has worked on over 17 offshore power cable installation projects in recent years.
In addition, Global Marine is well-advanced in the construction of a purpose-built vessel, to be named Cable Enterprise, which will enter the market in 2012 to specifically address the needs of export power cable installation, offering the capability to carry 4000 tonnes of cable in a single length and to undertake installation from the beach to the offshore installation whether that is a wind-turbine or an offshore oil production platform. The vessel will be the third Cable Enterprise to enter the Global Marine fleet, with the original vessel serving the needs of telegraph customers from 1882.
"This restructuring will allow our businesses to grow according to the direction of their respective markets and at the same time, allows us to expand our assets in a way which supports our commitment to both the telecommunications and the energy industries with as much flexibility as possible," said Ruhan.