One of Subsea 7's wholly owned subsidiaries has made an offer to acquire the fifty per cent shareholding in Seaway Heavy Lifting Holding Limited currently owned by K&S Baltic Offshore (Cyprus) Limited.
The terms of the offer are binding on Subsea 7 until 1 July 2017. During this period the Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted in compliance with Dutch law. Seaway is a joint venture in which Subsea 7 currently holds a fifty per cent interest. If the offer to acquire the remaining fifty per cent is accepted, Seaway would become a wholly owned subsidiary of Subsea 7.
Renewables, Heavy Lifting & Decommissioning
Subsea 7 hopes to profit from Seaway Heavy Lifting's expertise in renewables, heavy lifting operations and decommissioning of oil and gas assets. All markets for which growth is expected.
Seaway is a specialist offshore contractor and operates two world-class heavy lift vessels, the Stanislav Yudin and Oleg Strashnov. It employs approximately 550 employees and is headquartered in the Netherlands.
Picture: Crane ship Stanislav Yudin at the Maasmond, Rotterdam, the Netherlands (by Kees Torn).
