Evercore Engaged to Explore Strategic Alternatives for ZITON
ZITON A/S (“ZITON” or the “Company”), the market leader in offshore wind operations and maintenance(“O&M”) for major component replacement (“MCR”) services within Europe, announced today that its Board of Directors has engaged Evercore to act as financial advisor in reviewing strategic alternatives focused on maximizing shareholder value. These alternatives include, among other things, a corporate sale,a business combination or a partnership, while continuing to develop other growth opportunities.
With the acceleration of the renewable energy transition from both governments and the private sector, ZITON’s Board of Directors and key shareholder BWB Partners II K/S (“BWB Partners”) are excited about the future prospects for the Company as a leading O&M service provider for MCR to the offshore wind market. Thorsten Jalk, Chief Executive Officer of ZITON, commented “ZITON’s excellent track record of 13+years and its platform of versatile, modern fleet and experienced vessel and technician crew distinguish the Company as the leading provider of turnkey O&M MCR solutions with a ~50% market share. We are dedicated to delivering excellent service to our customers throughout our multi-year, long-term time charters and framework agreements. We will continue to focus on growth opportunities by leveraging our scalable services platform. ZITON is well positioned to unlock accelerated growth in Europe and beyond.”
There can be no assurance that this strategic review will result in any transaction. The Company has not set a timetable for completion of the process and it does not intend to comment further unless a specific transaction is approved by ZITON’s Board of Directors and shareholders, or it is otherwise determined that further disclosure is appropriate or required by law.
In addition to Evercore serving as financial advisor to ZITON, Kromann Reumert is serving as the Company’s legal advisor.