Resolution, the only vessel in the world purpose built for installing wind turbines and laying underwater cables, is in full operation once again following a management buy-out of the business and assets of its owner Mayflower Energy. The acquisition, funded by Mizuho International plc, follows the collapse of Mayflower Group plc in April 2004 and a spell in administration.
The new business will operate under the name Marine Projects International. CEO is to be Paul Gibson, who was responsible for the original concept of the Resolution and led the 4-year design and construction effort. He said “The market for offshore wind installation is poised to explode, and … we are very confident that we can now take the business to the next level. Our first priority is to secure the installation contracts previously signed with Mayflower Energy”. MPI is also planning to re-hire the majority of the 130 employees who were
made redundant.
