Senvion to Sell Assets to Siemens Gamesa

Laxman Pai
Tuesday, September 17, 2019

Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.

The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee. The approval of the insolvency plans by the creditors' assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.

The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020.

For the remaining business areas, the company continues to explore further options and negotiations with investors.

Yves Rannou, CEO of Senvion, said: "Today's announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base. In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business."

Categories: People & Company News Mergers & Acquisitions Wind Power Turbines Manufacturing

Related Stories

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

CNOOC Brings New Offshore Gas Field On Stream

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Current News

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com