Former Petrofac leaders set up UK offshore wind services group

A newly-formed, UK-based offshore wind services group intends to invest some GBP 250 million (USD 345m/EUR 296m) by mid-2022 in capabilities across the wind farm life cycle and eventually pursue a public listing for its stock.

Venterra Group Plc, as the new company is called, has been set up by Ayman Asfari, who established Petrofac International in 1991, and colleagues. Rob Jewkes, another former Petrofac executive, has taken the CEO position in the new group.

The official launch of Venterra comes with the acquisition of three so-called member companies: Dublin-based specialist offshore engineering and design consultancy Gavin & Doherty Geosolutions Ltd (GDG); Northumberland-headquartered offshore engineering company Osbit; and offshore construction grouting firm FoundOcean. Together, this trio has offices in 13 locations, operates in nine countries and has over 250 employees.

More member companies are expected to be added through the first half of next year, according to the announcement.

Venterra will be offering engineering, construction and operations services to offshore wind energy developers around the world. It estimates that its global addressable market will amount to an average of GBP 8 billion a year over the next decade.

“Offshore wind energy is growing fast around the world and is essential to the global energy transition. But there is a supply chain crunch - the services industry supporting wind is highly fragmented and needs greater scale and additional capital to meet soaring demand from governments and developers with ambitious renewable energy commitments,” said executive chairman Ayman Asfari.

(GBP 1.0 = USD 1.378/EUR 1.185)

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