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Subsea7 acquire shares in Seaway7

Subsea 7 S.A. today announced that it has entered into agreements to acquire 187,889,551 shares in Seaway 7 ASA (“Seaway7″), corresponding to 21.52% of Seaway7’s issued and outstanding share capital, from Songa Capital AS, West Coast Invest AS and Lotus Marine AS (the “Transactions”).

As consideration, Songa Capital AS, West Coast Invest AS and Lotus Marine AS will receive 1 new share in Subsea7 for every 22 shares in Seaway7.

Following completion of the Transactions, expected to take place during March 2023, the Subsea7 Group will own 93.94% of the issued and outstanding share capital of Seaway7.

Subsea7 will be in a position to effect a compulsory acquisition of the remaining Seaway7 shares. However, it has resolved to put forward a voluntary offer to acquire the remaining outstanding shares in Seaway7 in exchange for Subsea7 shares (the “Offer”), prior to effecting the compulsory acquisition.

Eligible Seaway7 shareholders tendering their shares in the Offer will receive 1 new share in Subsea7 for every 22 shares in Seaway7 tendered, rounded down to the nearest whole share.

Subsea7 will apply for a delisting of the Seaway7 shares from Euronext Growth Oslo following the expiry of the Offer period and initiation of the compulsory acquisition.


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