Subsea 7 has announced that it has made an offer to acquire 50% equity interest in Seaway Heavy Lifting Holding from K&S Baltic Offshore.
Netherlands-headquartered Seaway Heavy Lifting is a specialist offshore contractor and operates two heavy lift vessels. It is a 50/50 joint venture between Subsea 7 and K&S Baltic Offshore
Seaway Heavy Lifting would become a wholly owned subsidiary of Subsea 7 upon completion of the deal.
“Subsea 7’s strong market position in offshore energy services is complemented by Seaway Heavy Lifting’s expertise in three areas of offshore activity: renewables, heavy lifting operations and decommissioning of oil and gas assets. We believe that this acquisition will allow us to strengthen Subsea 7’s position in businesses where we expect increased activity and opportunities for long term growth,” said Jean Cahuzac, CEO of Subsea 7.