By Iain Packham Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Cosalt PLC (CSLT.LN) said Tuesday it expects its new joint venture company--Cosalt wind Energy Ltd--to generate GBP1.5 million of new revenue in 2011, generating a deferred payment of GBP430,000 to APRO. In an interview with Dow Jones Newswires, Cosalt Chief Executive Mark Lejman said this revenue figure is based on the current award with Siemens, adding that with APRO on board, and considering their previous dealings offshore Denmark, he is hopeful of securing contracts with the other large turbine operator, Vestas Wind Systems A/S (VWDRY). Earlier Tuesday Cosalt said it is buying an 80% share in a joint venture from Danish engineering company APRO which will now be called Cosalt Wind Energy Ltd, and signed a framework agreement with Siemens AG (SI) to supply specialist engineers for its offshore wind turbine activities, located near to Cosalt's operations around the U.K. Lejman said Siemens is currently working with Cosalt to train its staff to perform turbine inspections according to their standards, adding that the initial turbines Cosalt will be working on will be off the West coast around Liverpool. Cosalt has 11 U.K. operational bases many of which--such as Grimsby, Newcastle, Lowestoft, Edinburgh, Southampton and Birkenhead--offer immediate access to the wind farms being built off the U.K. coastline. In June Lejman told Dow Jones Newswires the firm had identified a market opportunity in the offshore wind sector and was in early stage talks with Denmark's Vestas and Siemens. Lejman also said Tuesday that if, privately held Aberdeen energy services company PSN, has won the GBP200 million brent delta project from Royal Dutch Shell (RDSB.LN), as reported in the press, he is confident of increased revenue from Cosalt's contract extension with PSN, announced in February. Cosalt shares at 1315 GMT up 0.38 pence, or 8%, at 5.13 pence in a slightly higher Smallcap market--up 0.49%. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires July 27, 2010 09:27 ET (13:27 GMT)