Subsea 7 SA has agreed to combine its Renewables business unit with OHT ASA, the company said on July 8. The combined company will be renamed Seaway 7 ASA and will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on Oslo Børs.
The transaction will create a pure-play renewables company, headquartered in Oslo and focused on offshore fixed wind and a single supplier providing an enhanced range of standalone, integrated or EPCI offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport.
The deal will see about 600 people employed, with an active fleet of ten vessels and two further high-specification vessels under construction.
It will also create a high-end, differentiated fleet with enabling capabilities and scale, allowing efficient worldwide operations, while providing vessel flexibility and optionality to clients.
“This transaction represents an important next step in Subsea 7’s Energy Transition journey that will accelerate and enhance value creation for our shareholders,” John Evans, CEO of Subsea 7, said. “As a listed company with a comprehensive fleet and experienced management team, Seaway 7 ASA is positioned to forge an enhanced growth trajectory as a global leader in offshore wind. Subsea 7 looks forward to working closely with Seaway 7 as it launches this next exciting chapter in its evolution.”
The Board of Seaway 7 ASA will comprise four directors nominated by Subsea 7 and one nominated by OHT’s largest shareholder, Songa Corp. It will be chaired by Rune Magnus Lundetræ. The company will be managed by a highly experienced executive team led by Stuart Fitzgerald as CEO. Torgeir Ramstad and Steph McNeill will also hold executive roles.
Transaction completion is anticipated by the end of the third quarter of 2021, subject to approval by OHT’s shareholders, regulatory approvals and other customary completion conditions.
Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7 ASA.
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