Prysmian buys GME to create new power in offshore cabling

GME won a maintenance contract for the export cable at Ormonde

Italy’s Prysmian has acquired Global Marine Energy (GME) from parent company Global Marine Systems for €53m ($67.9m), creating one of the first European businesses capable of both producing and installing subsea cables at offshore wind farms.

Among other assets, the deal includes GME’s Cable Enterprise installation vessel, which earlier this year re-entered European waters after a £28m ($44.9m) overhaul that allows it to bury high-voltage DC cables at far-shore wind projects, and is currently working at Gwynt y Mor.

The acquisition was born of Prysmian’s desire to focus on “higher value-added businesses”, explains chief executive Valerio Battista.

“Our goal is to increasingly present ourselves as a partner able to offer turnkey products and services, including design, manufacture and installation... particularly where offshore wind farms are concerned,” Battista…

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