Riverstone Acquires Seajacks International
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(Washington, D.C.) – Private equity firm Riverstone Holdings LLC has acquired Seajacks International Ltd. for a total cash consideration of US$207 million.
Great Yarmouth, U.K.-based Seajacks currently owns and operates two self-propelled jack up vessels that install offshore wind turbines and perform a number of niche operations for the North Sea oil and gas industry. Riverstone plans to grow Seajacks into a leading European offshore wind service business, with an operational base in the United Kingdom. Riverstone will focus initially on expanding the current fleet of vessels to service the rapidly expanding market for turbine installation and maintenance.
Riverstone, an energy and power-focused private equity firm founded in 2000, invests across the entire energy and power industry. It has approximately $17 billion under management across six investment funds, including the world’s largest renewable energy fund.
Akin Gump Strauss Hauer & Feld LLP partners Anthony J. Renzi and Sebastian Rice and counsel Blayne A. Grady advised Riverstone on the transaction.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 800 lawyers in the United States, Europe, Asia and the Middle East.
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