Vestas to buy bankrupt Polish offshore foundations maker

A special purpose vehicle of Denmark's Vestas Wind Systems A/S (CPH:VWS) has won the auction for bankrupt Polish offshore foundations maker ST3 Offshore, offering PLN 170.5 million (USD 38.8m/EUR 36.2m), ST3 receiver Natalia Leszczynska said on Monday.

That was the sixth tender for the factory sale, which finally attracted two bids but because of their close prices, the winner was selected in an oral auction. The previous attempts had failed because no offers were submitted although the asking price was gradually lowered to PLN 164.3 million.

The production site of ST3 Offshore, former Bilfinger Mars Offshore, on Ostrow Brdowski island, north of Szczecin, was opened for operation at the end of 2015, following an investment of EUR 50 million by the founders and the provision of EUR 25 million in EU financing. It produced steel foundations, transition pieces and other structures for offshore wind farms.

After years of losses, the company declared bankruptcy on March 31, 2020. The proceeds from the sale will be used for creditor repayment and employee receivables.

Bilfinger Mars Offshore was a joint venture between offshore wind specialist Bilfinger Marine & Offshore Systems and Polish closed-end investment fund MARS. In 2016, German engineering group Bilfinger SE sold its 62.5% stake to investor VTC Group Munich.

ST3, close to the Baltic Sea, is conveniently situated near Szczecin where Vestas is currently building a factory for the production of nacelles and hubs for its flagship offshore wind turbine V236-15.0MW. The new factory is expected to start operating in the second half of 2024.

(PLN 10 = USD 2.28/EUR 2.13)

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