Seven Seas Water’s Caribbean success story continues
Published 27th May 2010
Seven Seas Water has notched up its second major success in a month, winning the contract to build two 4MGD (15,140m3/d) desalination plants in the US Virgin Islands. The company is understood to have beaten off stiff competition from Consolidated Water and IDE to take the contract, which is structured as a 15-year build-own-operate agreement.
Since being bought out by a private equity consortium in 2007, Seven Seas has built up an impressive reference list in the Caribbean through a mix of organic growth and selective plant acquisitions. The company posted revenues of around $15 million last year, and had been gunning for $25 million in 2010 before the two recent contract awards came through.
Now, with an emergency desalination supply contract in Trinidad in the bag, and the signing of a water supply agreement in the USVI pending, the company has reinforced its position as a major regional player.