Subsea 7 to expand & rename its Renewables business unit
Subsea 7 S.A. today announced an agreement to combine its Renewables business unit(1) with OHT ASA (Oslo Børs: OHT), 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(2) 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 ten 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
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