HIGHLAND HEIGHTS, Ky., Oct 11, 2010 (BUSINESS WIRE) --
General Cable Corporation (NYSE: BGC) (the Company), a global
leader in the wire and cable industry, through its wholly-owned
subsidiary Norddeutsche Seekabelwerke GmbH (NSW), has been awarded a
major order by 50Hertz Offshore GmbH, a subsidiary of the German-based
transmission network operator 50Hertz Transmission GmbH, to provide a
complete turn-key solution including the supply and installation of 120
kilometers of submarine transmission cables and 3 single cores measuring
12 kilometers each of underground terrestrial transmission cables as
well as associated accessories for the offshore wind farm Baltic 2. The
award has an overall order value of Euro 195 million, or $270 million at
current exchange rates, with installation beginning in 2012.
The Baltic 2 Wind Farm is located in the Baltic Sea off the coast of
Rostock, Germany near the island of Rügen. Baltic 2 will feature 80 wind
turbines, each rated at 3.6 megawatts, for a total output of 288
megawatts. The offshore wind farm is expected to generate 1,200 gigawatt
hours of electricity per year for approximately 340,000 households and
is estimated to save approximately 900,000 tons of CO2.
General Cable's complete turn-key solution includes the design,
manufacture, supply and installation of two 60 kilometer sections of 150
kV high-voltage export submarine cables as well as 3 single cores
measuring 12 kilometers each of terrestrial underground transmission
cable. NOSTAG 10, a motorized barge in which the Company has an
ownership interest, specializes in laying submarine power cables and
will be used to install the cables at Baltic 2. Over 90 meters long and
27 meters wide, NOSTAG 10 features the right balance between load
capacity, shallow water capabilities and high precision positioning
making it a perfectly designed craft for this project.
The project will be managed by General Cable's submarine power cable
business based in Nordenham, Germany at the Company's wholly-owned
subsidiary NSW and supported by the Company's European and Mediterranean
organization. The Company acquired NSW in 2007 and since then has
expanded its submarine capabilities to include the manufacture of
medium-voltage and high-voltage submarine energy cables. Today, the
Company's submarine business provides comprehensive solutions for
submarine applications which include telecommunication cables, oil and
gas cables, medium-voltage and high-voltage power cables, related
accessories, project engineering, project management and installation.
"We are pleased to have earned the trust of 50Hertz Offshore GmbH with
this important grid connection. This major high-voltage submarine cable
project is a milestone for the Company as we continue to gain momentum
through our successful execution on medium-voltage infield array
projects as well as our long history and technical leadership on
projects for the underground terrestrial high-voltage market. The
terrestrial and submarine transmission cable markets in Europe, which
are being driven by large investments in grid interconnections and
alternative energy such as offshore wind power, represent an attractive
long term opportunity for General Cable," said Emmanuel Sabonnadiere,
Chairman and CEO of General Cable Europe & Mediterranean.
"Over three years ago the Company initiated its strategic plan with
regard to establishing its submarine energy cable business. This
strategy included the investment to expand our facility capabilities
while at the same time leveraging our resident manufacturing,
engineering and project management expertise in our underground
high-voltage and submarine telecommunication businesses. The integration
of these functional capabilities has enabled the Company to execute on
this type of highly complex project," said Gregory B. Kenny, Chief
Executive Officer of General Cable Corporation.
"Our contribution to climate protection is to connect offshore wind
farms to the transmission network. We are happy that we have found a
good partner for cable production and installation for our second wind
farm. Generating power in the Baltic Sea is becoming increasingly more
important. We plan to continue to expand our transmission network to
bring offshore wind power to industrial areas in the South and Southwest
of Germany where it is required," said Wolfgang Bogenrieder, Managing
Director of 50Hertz Offshore GmbH.
General Cable Corporation (NYSE:BGC), a Fortune 500 Company, is a global
leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
for the energy, industrial, and communications markets. For more
information about General Cable visit our website at www.generalcable.com.
Norddeutsche Seekabelwerke GmbH (NSW), a wholly-owned subsidiary of
General Cable since 2007,has been one of the world's leading
companies in the field of submarine telecommunication cables for over
111 years. Founded in 1899, NSW installed its first significant
submarine telecommunication cable of approximately 7,993 kilometers in
1904. NSW and its more than 500 employees advise and support customers
all over the world.
50Hertz Transmission GmbH, a company employing approximately 600 people,
ensures operation, maintenance, planning and demand-based development of
the transmission grid in Germany. It is responsible for compliant
management of the entire electric system in the territories of the
German Federal States of Berlin, Brandenburg, Hamburg,
Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt and Thuringia. The
transmission grid is the technical backbone of reliable power supply to
more than 18 million people. As a European transmission system operator,
50Hertz Transmission is a member to the European Association ENTSO-E.
More information on www.50hertz-transmission.net.
Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Actual results may differ materially from
those statements as a result of factors, risks and uncertainties over
which the Company has no control. Such factors, risks, and uncertainties
are more fully discussed in the Company's Report on Form 10-K, filed
with the Securities and Exchange Commission on March 1, 2010, as well as
periodic reports filed with the Commission.
SOURCE: General Cable Corporation
General Cable Corporation
Len Texter, 859-572-8684
Manager, Investor Relations
