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ESVAGT and MHI Vestas Offshore Wind sign 10-year Service Operation Vessel contract

We are pleased to announce that ESVAGT, a jointly owned portfolio company of 3i Infrastructure and AMP Capital, has signed a binding agreement with MHI Vestas to provide a bespoke Service Operation Vessel in support of the Belwind 1 and Nobelwind Belgian offshore wind power developments.

Under the terms of the agreement, ESVAGT will operate the vessel for the exclusive use of MHI Vestas’ on-site wind park engineering team for a period of 10 years from vessel delivery, which is expected in mid 2017. Revenues are index linked for the full 10 year period.

This agreement builds on an existing 5 years partnership with MHI Vestas and demonstrates the company’s strong customer relationships, its best in class operations and its partnership approach.

“ESVAGT is well positioned to capitalise on the growing offshore wind market.  The MHI Vestas contract is further evidence of ESVAGT’s leading market position in this segment.  The contract is customer led, offering attractive revenue visibility over 10 years, and provides a template for ESVAGT’s approach to growth under our ownership.” said ESVAGT’s shareholders, 3i Infrastructure plc and AMP Capital.

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Download this press release as a PDF 

For further information, contact:

Peter Sedgwick
Chairman, 3i Infrastructure plc
Tel: +44 1534 847 410

Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

About ESVAGT
ESVAGT is a leading provider of offshore safety and support at sea primarily in and around the North Sea and the Barents Sea. ESVAGT’s fleet of vessels provides the daily safety and support functions within the offshore wind and oil & gas industries. The fleet comprises modern offshore support vessels with high quality specifications designed for operations in harsh weather conditions.  ESVAGT is known and recognized as an attractive, reliable and responsible partner providing our customers with services including rescue, oil recovery, firefighting, towing, supply, anchor handling and multi field service.

About 3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company is a long-term investor in infrastructure businesses and assets. The Company’s market focus is on economic infrastructure, primary PPP and low-risk energy projects in developed economies, principally in Europe, investing in operating businesses and projects which generate long-term yield and capital growth.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and acts as Investment Adviser to 3i Infrastructure plc.

About AMP Capital 
AMP Capital is a specialist investment manager with more than US$124 billion in funds under management as at 31 December 2014 and more than 250 investment professionals. AMP Capital is one of the most experienced global infrastructure managers with more than 25 years’ experience and having made over 120 infrastructure equity and debt investments globally. AMP Capital was one of the first investors globally to invest in infrastructure when it participated in the financing of the Sydney Harbour Tunnel in 1988.

AMP Capital today manages unlisted and listed infrastructure investments in Asia, Europe, North America, Australia and New Zealand.  AMP Capital is a subsidiary of AMP Limited. Established in 1849, AMP has more than 160 years of experience providing financial services, and is one of Australia's largest retail and corporate pension providers.

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