Cosalt secures joint venture with Danish firm

The joint venture company, which was previously owned by APRO, has been re-named Cosalt Wind Energy.

In a statement, Grimsby-based Cosalt said: "It will benefit from the combination of APRO's expertise and Cosalt's safety offering and port-based network of branches across the UK, making it well placed to offer engineering, safety and inspection services to the major offshore wind energy projects now being established in the UK."

Cosalt has acquired 80 per cent of Cosalt Wind Energy from APRO for an initial consideration of 200,000 plus a deferred consideration of up to 430,000, depending on the trading performance in the year ending December 31 2011.

Cosalt Wind Energy has signed a framework agreement with Siemens to supply specialist engineers for its offshore wind turbine activities, which are based close to Cosalt's operations around the UK.

Mark Lejman, the chief executive of Cosalt, said: "Today's announcement follows on from the declared intention in our interim results statement to pursue opportunities in the renewable energy sector.

"This joint venture with APRO is an important step towards realising our objective of developing a major renewables business in the UK and Europe. Together we can deliver a complete package of safety, engineering and inspection services to the wind energy market."

Henrik Moeller-Jensen, APRO chief executive said: "We are looking forward to working in partnership with Cosalt. Our two companies complement each other very well and we feel there is much to be gained from sharing our market knowledge and technical expertise.

"We have worked in the wind energy sector for many years and we know how to recruit, train and manage a large workforce of qualified wind turbine engineers.

"The formation of Cosalt Wind Energy means we can now back this up with all the products and services required to operate safely and effectively in a hostile offshore environment."