Subsea 7 to Combine Renewables Business Unit with OHT
Subsea 7 SA announced an agreement to combine its Renewables business unit with OHT ASA, subject to the customary approvals, conditions and relevant employee consultations. 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:
1. A listed, pure-play renewables company, headquartered in Oslo and focused on offshore fixed wind
2. A single supplier providing an enhanced range of standalone, integrated or EPCI(2) offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport
3. A key player in the industry, employing around 600 people, with an active fleet of ten vessels and two further high-specification vessels under construction
4. A global organisation with a track record of more than ten years and relationships with the majority of developers in the sector
5. A high-end, differentiated fleet with enabling capabilities and scale, allowing efficient worldwide operations, while providing vessel flexibility and optionality to clients
6. Increased exposure to the high-growth offshore wind market, with the timely and cost-efficient addition of two best-in-class foundation and turbine installation vessels in 2022 and 2023
The combined company will be named Seaway 7 ASA and will retain OHT’s listing on the Euronext Growth market. Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7 ASA.
Completion of the combination is subject to approval by the shareholders of OHT at an extraordinary general meeting.