Denmark: DBB Jack-Up Services Acquires Two New Vessels

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.

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Offshore WIND staff, August 28, 2012; Image: DBB Jack-Up Services