The Netherlands: Blue Offshore Reaches Financial Close for Their New Cable Installation System

Blue Offshore, a specialist subsea construction contractor, have today announced that they have reached financial close on 28 October 2011 with ABN AMRO Bank N.V. The purpose of the financing is the manufacturing of their most recent cable installation system with delivery by 1st Quarter of 2012.

Blue Offshore assist their customers with innovative standalone and module-based solutions to suit their particular project needs. This installation system will consist of an adaptable modular turntable system with carrying capacity up to 9,000 tonnes, loading arm assembly, tensioners, trackways and associated equipment. This announcement follows the ongoing development and the recognition of current and future market requirements.

“We have seen Blue Offshore as a unique opportunity to provide financing based on a firm innovative product and covered by a two year contract with a prominent German Subsea Cable Manufacturer. Blue Offshore has shown ABN AMRO that their financial structure, company vision and strategy, personal commitment and willingness to perform, complies with our values to support a starting venture. With this investment we support the upcoming market of Offshore Installation for the coming decade of Renewable Energy. This transaction is unique in its kind because of the innovative character combined with a management team with a vast experience in this rapidly changing market,” said Ellen Jansen-de Boer& Sarah Wilton-Wels of ABN-AMRO Bank.

“ABN AMRO has demonstrated enormous courage and leadership in supporting our development and we are pleased to have reached financial close for this cable installation system. With the development of this modular and flexible system, we are able to support our customers with their current and future market requirements”, said Evert-Jan van Wijk, Operations Director at Blue Offshore.

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Offshore WIND staff, December 02, 2011; Image: blueoffshore