“ The new name SPIE Global Services and Energy is fully in line with our diversification strategy and our positioning as a key player in the energy transition.”
SPIE Oil & Gas Services has just announced a name change: Why this change ?
The new name SPIE Global Services and Energy is fully in line with our diversification strategy and our positioning as a key player in the energy transition. It was even eagerly awaited by many of you as evidenced by the result of the survey conducted at our last convention. The new name has been effective since January 2024.
Why changing the name now ?
This new name, SPIE Global Services Energy, therefore, supports our strategy for diversifying into the Renewables, which we have already been pursuing for a number of years. This new name makes even more sense now that we have reached a new Milestone with the acquisition of Correll Group, a company specialized in offshore wind power.
The new name wipes out the terms Oil and Gas. Isn’t this a form of ‘Greenwashing”?
No, we are part of a group that has been firmly committed to the energy transition for more than a decade now. With the acquisition of Correll Group, the revenue share of our subsidiary aligned with the EU taxonomy increases from 4 to 15%. Offshore wind energy is a very fast-growing Market. We intend to be a leading player in this. The acquisition of Correll Group strengthens our positioning in this area.
What were the reasons behind the acquisition of Correll Group?
Our ambition is to continue our diversification into low carbon energies, a fast-growing Market. We also want to be in a position to fully support our customers through their own energy transition. Thanks to the expertise of this major player in the offshore wind, we will benefit from recognized additional expertise in termination and testing of high voltage cables. The acquisition of Correll Group will also allow us to strengthen our offshore wind energy offering where the company is already very well positioned in the North Sea, off the east coast of the United States, and in the Taiwan Strait.
What types of synergy do you expect between Correll Group and SPIE?
With Correll Group, we are broadening our range of customers. Some of the skills shared by the two cores of our business are transferable. This acquisition will allow us to accelerate our renewable energy diversification strategy thanks to Correll Group's expertise. The positioning of Correll Group in the project development phase means that we can familiarize ourselves with customers and projects at an earlier stage, which allows us to smartly position ourselves for future maintenance activities or contracts. Finally, we are present in areas in which there are wind energy projects that are strategic, Australia or Saudi Arabia, for example.
How will the integration take place?
We are creating a wind power division within our organization. Correll Group is there for the first entity to join this division, which is intended to incorporate others. The broadening of our range of skills in a fast-growing sector underscores our expertise in our outstanding activities within the oil and gas industry.
When do you think SPIE Global Services Energy will generate more revenue from renewable energies than from fossil fuels ?
We aim to generate 25% of our Global revenue from sustainable activities according to the EU taxonomy by 2027. We will adapt to the pace at which our customers undergo their own energy transitions.
Do you plan any other acquisitions in this sector?
We have a strong ambition to keep developing through targeted acquisition, as is generally the case for the SPIE group.