Alastair Smith, Senior Associate in our Corporate and Commercial team recently acted for Pict Offshore Limited, advising them through a restructure and then guiding them on the recent investment in the Company by Ørsted Ventures Europe A/S.
Pict Offshore, based in Fife, has invented innovative technology, poised to revolutionise safety equipment on offshore wind farms. The technology, named the “Get Up Safe” system (GUS), comprises of a personnel hoist that safely lifts individuals between small boats and offshore wind turbines. This new technology allows for individuals to clip onto the GUS system and be hoisted up to the turbine base, making it easier and safer to access the turbine in rough conditions. Currently, an individual is required to step from a boat onto a ladder and then climb up to 20 metres to reach the turbine. The GUS system removes the need for ladders.
The multi-million pound investment by Ørsted, the largest energy company in Denmark, saw Ørsted acquire a 22.5% share in Pict Offshore.