Dutch supplier of maritime technology, Royal IHC, has reached an agreement to sell its subsidiary, IQIP Holding, to HAL Investments.
IQIP is active in the foundations and installations segments in the offshore wind market.
The sale involves the transfer of 100 per cent of the shares of IQIP Holding HAL.
Royal IHC said that this was an important step in the financial restructuring of the company, which will strengthen Royal IHC’s own balance sheet and allow the existing credit and guarantee lines with the existing bank consortium to be repaid largely in advance.
For IQIP, this is described as an important step in strengthening the company’s financial balance sheet and an opportunity to independently create further growth.
”The sale of IQIP to HAL creates more financial space for both Royal IHC and IQIP. The direct proceeds from the IQIP shares will mainly be used to reduce borrowings and improve Royal IHC’s liquidity. With the sale, IQIP will leave the Royal IHC family, but I am very confident that IQIP and its employees will have a very bright and healthy future,” Jan-Pieter Klaver , CEO Royal IHC, said.
Royal IHC had initiated WHOA proceedings (Homologation Private Agreement Act) to convince all financial stakeholders of a financial restructuring plan which included the sale of IQIP. The court ratified this plan earlier this month.
”We want to strengthen and further expand our position in both the offshore energy market and the civil market. With this independent position, we can continue on this course and continue to offer our customers total solutions and support them in the challenges in the field of technology, safety and sustainability. This enables us to guarantee our contribution to the energy transition worldwide,” Robert Diepenbroek , CEO IQIP, said.
HAL Investments is the Dutch investment subsidiary of HAL Holding N.V., an international investment company listed on the Amsterdam Stock Exchange. HAL Holding has recently completed the acquisition of mora than 95 per cent of shares in another major offshore wind player – Boskalis .