AD Ports Group doubles down on European offshore wind projects: AD Ports Group subsidiary Safeen Drydocks — part of Noatum Maritime — acquired 100% of Spain’s Balenciaga Astilleros shipyard for EUR 11.2 mn, according to a statement.

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) — specialized floating bases required for offshore wind farms.

Why it matters

What’s so special about it? The yard has two production berths, allowing the simultaneous construction of two specialized vessels; it typically delivers two to 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.

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.

The move signals the firm is positioning itself to capture rising demand for renewable energy infrastructure in the Mediterranean and North Sea by upping its production capacity of high-spec SOVs. It also comes as AD Ports looks to collaborate on global offshore wind developments alongside Mubadala-owned renewables firm Masdar, after the pair signed a partnership agreement late last year.

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