The acquisition of 50% shareholding in Seaway Heavy Lifting this month by Subsea 7 is aimed at strengthening their market share and participation in renewables, heavy lifting and decommissioning services.
The shareholding has been acquired from K&S Baltic Offshore Limited. The signing took place on March 10 at which point Seaway Heavy Lifting and its subsidiaries became wholly owned by the Subsea group.
Jean Cahuzac, chief executive officer of Subsea said: ‘Our investment… is aligned with our strategy to grow and strengthen our business for the long-term. Consolidating Seaway Heavy Lifting into the Group increases our participation in renewables, heavy lifting and decommissioning services. These are areas where we expect market activity to increase and see potential to grow our market share."
The group will report revenues and net operating income from Seaway Heavy Lifting within a new business unit called “Renewables and Heavy Lifting”. This new reporting structure will be reflected within the group's first quarter results which will be announced on 27 April 2017.
