Seaway 7 Emerges as OHT and Subsea 7 Combination Completes

Subsea 7 has officially completed the transaction to combine its fixed foundation offshore wind business unit with Norway’s OHT ASA into a pure-play renewables company.

Source: Seaway 7

Effective from the closing of the transaction, the combined company is renamed Seaway 7.

Subsea 7’s wholly-owned indirect subsidiary, Subsea 7 Blue Space, holds 72 per cent while OHT holds 28 per cent of the new company’s shares.

According to the company, Subsea 7 will fully consolidate Seaway 7 in its financial statements from 1 October 2021.

“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”, said Stuart Fitzgerald, incoming CEO of Seaway 7.

“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”.

To remind, in July, Subsea 7 revealed the plans to combine the two companies into a new company named Seaway 7.

Seaway 7 will offer a full range of specialist standalone transport and installation (T&I) services, as well as integrated T&I and EPCI solutions that combine the installation of turbines, foundations, substations, and cables.

The company will be headquartered in Oslo and focused on fixed offshore wind. Subsea 7 will retain its business in the floating wind, which is not a part of this transaction.

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Photo: Seaway 7