Subsea 7 and OHT complete combination agreement
Subsea 7 S.A. (Subsea 7) announced that the combination of its renewables business unit with OHT ASA (OHT) has been completed. OHT has now been re-named Seaway 7.
Subsea 7 Blue Space Limited, a wholly-owned indirect subsidiary of Subsea 7 S.A., holds 72% of Seaway 7 ASA shares and Subsea 7 S.A. will fully consolidate Seaway 7 ASA in its financial statements from 1 October 2021.
The listed renewables company, headquartered in Oslo will be focused on offshore fixed wind operating as a supplier of integrated or EPCI offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport.
Stuart Fitzgerald, incoming CEO of Seaway 7, commented “We are very pleased to reach this milestone and begin operations as the newly combined Seaway 7 Group. The industrial logic of the combination, which strengthens and broadens our offering, whilst adding differentiated assets to a market leading capability and track record, has been well understood by our clients, investors and employees. We look forward to positioning Seaway 7 as one of the market leaders in the delivery of bottom-fixed offshore wind farm solutions, contributing to an efficient and sustainable energy supply for the future.”
Before the combination, OHT operated a fleet of semi-submersible heavy transportation vessels which have been supporting the development of offshore wind farms since 2018. It is awaiting the construction of one of the world’s largest custom built foundation installation vessels, Alfa Lift. Further announcements were made in 2020, which will see OHT’s installation fleet grow with the introduction of a ‘next generation’ wind turbine installation vessel, plus options for three more.
Subsea 7’s Renewables business unit has been operating in the offshore wind market since 2009. The company claims to have installed over 700 foundations, more than 30 substations and over 800 kilometres of submarine cables using its fleet of two heavy lift vessels, two cable lay vessels and an installation support vessel. It employs over 500 people in offices in France, Germany, the Netherlands, Poland, Taiwan, the UK and the US.