Subsea 7 plans to combine its Renewables business unit, Seaway 7, with OHT as soon as the necessary approvals are in place. The combined company is to be named Seaway 7 ASA and will focus on offshore fixed wind. Dutch Seaway Heavy Lifting will also become a part of the new company.
Seaway 7 will be headquartered in Oslo and will supply standalone, integrated or engineering, procurement, construction and installation (EPCI) offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport.
The company will be headed by Stuart Fitzgerald, current Executive Vice President – Alliances and Strategy and CEO for Subsea Integration Alliance at Subsea 7.
Fleet and newbuilds
The workforce will consist of around 600 people, with an active fleet of ten vessels and two further foundation and turbine installation vessels under construction. Subsea 7 brings in two heavy lift vessels, two cable lay vessels and an installation support vessel. OHT has a fleet of five heavy transportation vessels. It also has two high-end installation vessels currently under construction.
The first, due for delivery in 2022, is a state-of-the art customised wind turbine foundation installation vessel equipped with dynamic positioning and a “smart deck” for efficient installation of monopiles as well as jacket foundations. The second, due for delivery in 2023, is a jack-up heavy lift vessel capable of efficiently installing the largest wind turbines as well as wind turbine foundations.
Subsea 7 expects the newbuilds will help the company to benefit from the growing offshore wind market, particularly from 2025.
‘As a listed company with a comprehensive fleet and experienced management team, Seaway 7 is positioned to forge an enhanced growth trajectory as a global leader in offshore wind,’ says John Evans, CEO of Subsea 7.
Seaway Heavy Lifting
Transaction completion is anticipated by the end of the third quarter of 2021, subject to approval by OHT’s shareholders, regulatory approvals and other customary completion conditions. Dutch Seaway Heavy Lifting was acquired by Subsea 7 in 2017 and will now also become a part of Seaway 7. The Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted on this transaction in compliance with Dutch law.
Subsea 7 will retain its business in floating wind, which will not be part of this transaction.