Cosalt launches new joint venture

OFFSHORE safety experts Cosalt has bought 80% of a company owned by APRO as it enters into a joint venture with the Danish engineering firm aimed at capitalising on the growth in offshore wind energy.

Cosalt has paid APRO an initial £200,000 and is in line to pay a further £430,000 depending on how the new venture, to be known as Cosalt Wind Energy, performs over the next 18 months.

A deal is already in place with Siemens to supply specialist engineers for the company’s offshore wind turbine operations.

The joint venture builds on Cosalt’s decision two years ago to set up a dedicated renewable energy division to supply products and services to offshore wind farms which now has 11 bases around the UK.

Mark Lejman, chief executive at Grimsby-based Cosalt, said: “This joint venture with APRO is an important step towards realising our objective of developing a major renewables business in the UK and Europe.

“Together we can deliver a complete package of safety, engineering and inspection services to the wind energy market.”

APRO’s core business is the installation and servicing of wind turbines on and offshore and boasts contracts with major manufacturers including Vestas and Siemens.

Henrik Moeller-Jensen, chief executive of APRO, said: “Our two companies complement each other very well and we feel there is much to be gained from sharing our market knowledge and technical expertise. 

“We have worked in the wind energy sector for many years and we know how to recruit, train and manage a large workforce of qualified wind turbine engineers.

“The formation of Cosalt Wind Energy Ltd means we can now back this up with all the products and services required to operate safely and effectively in a hostile offshore environment.”

Last month Cosalt reported a doubling of half-yearly pre-tax profits to £1m.