AD Ports Group is doubling down on European offshore wind projects, with its acquisition of the Spanish specialized shipyard Balenciaga Astilleros. The transaction will see the group’s subsidiary Safeen Drydocks — part of Noatum Maritime — acquire 100% of Spain’s Balenciaga Astilleros Shipyard for EUR 11.2 mn, according to a statement.

The specs: The shipyard features two drydocks — a 22.4k sqm factory equipped with advanced automation technology and a 3.5k sqm cutting and manufacturing facility.

Our take-

Don’t be fooled — the shipyard may be on the smaller side, but it packs a big strategic punch. Despite the price tag being relatively small for AD Ports, the acquisition stands out because Balenciaga Astilleros is one of the few yards in Spain capable of building service operation vessels (SOVs) — the specialized floating bases required for offshore wind farms logistics.

What’s so special about it? The yard has two production berths — allowing the simultaneous construction of two specialized vessels. It typically delivers between two and three vessels per year when at full capacity. By acquiring one of the few European yards with a track record in these high-spec vessels, AD Ports is securing a foothold in a supply chain facing a potential bottleneck — while also bringing advanced shipbuilding fabrication techniques back to Safeen’s UAE operations.

Why it matters-

It’s an offshore wind push: The move signals that the firm is positioning itself to capture rising demand for renewable energy infrastructure in the Mediterranean, Europe, and the North Sea by upping its production capacity of high-spec SOVs.

The great SOV shortage: The SOV market is expected to be supply-constrained in the short term. Fleet expansion is fast-paced, with 32 vessels entering the global fleet last year, yet utilization already exceeds 80%. This, on top of cross-sector competition from oil and gas, has made vessel availability a key pressure point. By owning a shipyard that builds these vessels, AD Ports can protect itself from these market delays.

REMEMBER- AD Ports is wagering on wind: AD Ports and Mubadala-owned renewables firm Masdar signed a partnership agreement late last year to collaborate on global offshore wind developments.

DATA POINT- Offshore wind capacity needs to triple between 2024 and 2030 to stay on track for global net-zero goals, analysts argue in the Global Wind Energy Council (GWEC) report (pdf) published in October. Yet, Irena and IEA argue that growth might be too slow to actually meet Paris Agreement targets, with analysts recently downgrading their 2030 outlooks — the IEA has cut its offshore wind forecast by 27% late last year, while GWEC lowered its outlook by 25%.

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