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Hochtief seeks full ownership of Beluga Hochtief Offshore

June 10 - Hochtief has confirmed that it is seeking to acquire the shares which it does not already own in Beluga Hochtief Offshore, its joint venture with Beluga Offshore.

Established to operate jack-up vessels for the construction of offshore windfarms, Beluga Hochtief Offshore is jointly owned by Hochtief and Beluga - with each holding a 50 percent stake in the company.

Christian Gerhardus, a spokesman for Hochtief, confirmed that the group wants to acquire the remaining 50 percent and had already filed an application for approval with the German cartel office.

Gerhardus also confirmed that the deal does not involve other parts of Beluga Offshore, such as Beluga Offshore Cable, Beluga Offshore Crewing or Beluga Offshore Service.

Although it is part of the Beluga Group, Beluga Hochtief Offshore is not involved in the insolvency proceedings which are taking place with many parts of the Beluga Group.

Established in 2009, Beluga Hochtief Offshore is due to take delivery of its first vessel in 2012. Gerhardus confirmed that the first vessel is already chartered out for a long period and that Hochtief has great expectations for the offshore wind farm installation business.

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