FoundOcean acquired by new player in offshore energy industry, Venterra Group

Jim Bell, managing director of FoundOcean

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

SCOTTISH firm FoundOcean has announced that it has joined Venterra Group – a new wind energy services company, bringing together the expertise of three trusted names in offshore energy.

Livingston-headquartered FoundOcean, which employs around 50 people, provides structural grouting services for offshore energy construction. It also has a base in Houston, Texas.

With a history stretching back more than 55 years, the company has developed into the world’s largest dedicated offshore construction grouting company. It has safely and successfully delivered more grouted connections than any other contractor – from the North Sea to the Gulf of Mexico and the Gulf of Thailand.

Now, it is partnering with other experts in the offshore engineering industry to capitalise on opportunities presented by the global transition to renewable power sources, especially wind energy. This includes Northumberland-based subsea engineering and offshore technology firm, Osbit and Gavin & Doherty Geosolutions (GDG), an Irish geotechnical engineering specialist.

Led by executive chairman and former Petrofac CEO, Ayman Asfari, Venterra Group aims to create a “global services champion” to meet demand and accelerate growth in the offshore wind sector.

The expertise of its member companies covers the entire windfarm lifecycle, from planning and development, installation and build, through to operations, maintenance and lifetime extension. With renewables expected to provide 90% of the growth in global electricity demand, offshore wind power is set to increase seven-fold – from 33 GW in 2020 to around 250 GW by 2030.

Jim Bell, managing director of FoundOcean, joined the company in 2005. He said: “Venterra absolutely shares our vision at FoundOcean, helping the world’s energy transition through wind power. This is a fantastic opportunity for everyone involved and we very much look forward to working with the other member companies. Together, we will have a strong presence in the renewables sector with our excellent services offering.

“Venterra’s aim of building a global offshore renewables group of complementary and like-minded businesses fits perfectly with the vision of our FoundOcean leadership team. We are all very excited about the support Venterra will provide in enabling FoundOcean to grow further and achieve more than we could by ourselves.

“This partnership of businesses working together will create jobs in our local communities, many of these requiring high levels of professional skill, and enable us to build a robust supply chain in renewable energy. Equally, it will allow us to offer an extremely comprehensive range of services to our clients.”

Established in 1966, FoundOcean is the world’s largest dedicated offshore construction grouting company. The company’s primary area of expertise lies in securing structures to the seabed by foundation grouting, including multiple installations for offshore wind farms. FoundOcean provides numerous life extension solutions for offshore assets – including freespan correction of pipelines and cables, pipeline rehabilitation, and jacket strengthening and repair.

Share

Related News