Subsea 7 is combining its renewables business unit with the Norwegian heavy lift and offshore wind installation vessel player OHT to create a pure-play renewables company, focused on fixed offshore wind.
The combined company will be renamed Seaway 7 and based in Oslo. It will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on Oslo Børs.
According to Subsea 7, the company will employ around 600 people, and have an active fleet of ten vessels and two further foundation and turbine installation vessels under construction – expected for delivery in 2022 and 2023.
Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7. The board of Seaway 7 will comprise four directors nominated by Subsea 7 and one nominated by OHT’s largest shareholder, Songa Corp. It will be chaired by Rune Magnus Lundetræ, currently chairman of OHT.
The company will be managed by Stuart Fitzgerald as CEO. Torgeir E. Ramstad, currently CEO of OHT and Steph McNeill, currently Subsea 7 EVP renewables, will also hold executive roles.
John Evans, CEO of Subsea 7, said: “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.”
Transaction completion is anticipated by the end of the third quarter of this year.