Subsea 7 to combine its Renewables business unit with OHT

Source: press release, 8 July 2021

photo: Subsea 7
photo: Subsea 7

Subsea 7 S.A. has announced an agreement to combine its Renewables business unit (excluding floating wind) 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:

  • A listed, pure-play renewables company, headquartered in Oslo and focused on offshore fixed wind.
  • 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.
  • 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.
  • A global organisation with a track record of more than 10 years and relationships with the majority of developers in the sector.
  • A high-end, differentiated fleet with enabling capabilities and scale, allowing efficient worldwide operations, while providing vessel flexibility and optionality to clients.
  • 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.

John Evans, Chief Executive Officer, Subsea 7 says, “This transaction represents an important next step in Subsea 7’s Energy Transition journey that will accelerate and enhance value creation for our shareholders. 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.”

Torgeir E. Ramstad, Chief Executive Officer, OHT says, “This is a very significant event in the growing Renewables industry. Subsea 7 is a highly respected company and we are delighted that it sees OHT as a natural partner in creating a new global leader in renewables. We are committed to translating the leading capabilities that the combined company will offer into benefits for clients within the offshore fixed wind industry.”

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.