Subsea 7 to Combine Renewables Business Unit with OHT
Renewables BusinessSubsea 7

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

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.

No stories found.
SteelGuru Business News
www.steelguru.com