Hochtief concludes offshore sale

Hochtief has completed the sale of its offshore assets to GeoSea in a move that is part of its ongoing streamlining process.

The deal was started last October. GeoSea is a subsidiary of the Belgian DEME group which has been operating for many decades in the field of marine engineering. It has acquired all Hochtief’s installation vessels and pontoons.

The financial close of the transaction, which is said to include a positive book gain for Hochtief, has been concluded, and the company’s vessel Vidar will be transferred on completion of a project which is still underway.

Marcelino Fernández Verdes, Hochtief’s CEO, said, “We remain very focused on the infrastructure sector in Europe, in particular on the expansion and refurbishment of transportation infrastructure where we see great demand growth in coming years.”

The group has said it is releasing capital from non-core activities to strengthen its balance sheet further, while investing in the core business which it said would allow shareholders to participate in the company‘s success.