Next Geosolutions Finalizes $112M Acquisition of Offshore Vessel Siem Day with Italian Bank Financing

Next Geosolutions, an Italy-based marine geosciences and offshore construction support specialist, finalized the acquisition of the offshore vessel Siem Day for approximately $112 million. The vessel, which will be renamed NG Supporter, will strengthen the company's fleet and subsea service capabilities for offshore energy and energy transition projects. Next Geosolutions secured 70% of the funding for the acquisition from Italian financial institutions Intesa Sanpaolo and Cassa Depositi e Prestiti (CDP) with a 10-year repayment term. Intesa Sanpaolo acted as the lead bank, underwriting 60% of the financed amount, while CDP contributed the remaining 40%. This acquisition marks a key step in Next Geosolutions' fleet expansion strategy, positioning the company to capture increased demand for specialized offshore support tonnage in international markets.

Counterparts (3)

Lender

Intesa Sanpaolo

company

Intesa Sanpaolo is a leading Italian banking group with a significant presence in infrastructure finance and advisory services, primarily through its IMI Corporate & Investment Banking Division. It provides a wide range of financial solutions, including project finance, M&A advisory, and debt capital markets, supporting projects across various infrastructure sectors globally, with a strong focus on Italy and Europe.

Cassa Depositi e Prestiti (CDP)

company

Cassa Depositi e Prestiti (CDP) is the Italian National Promotional Institution and Financial Institution, managing over €500 billion in assets. It supports Italy's economic and social development by investing in infrastructure, businesses, and public administration, with a growing international presence.

Buyer

N

Next Geosolutions

company

Madrid-based renewable energy developer with 850 MW of renewable capacity developed across Spain, Portugal, and Chile. Focuses on hybrid solar, wind, and storage projects, with $1.5B in assets under management.