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Subsea 7 acquires Seaway Heavy Lifting

4C Offshore | Tom Russell
By: Tom Russell 13/03/2017 Subsea 7
Seaway Heavy Lifting (SHL)Subsea 7 S.A. has acquired a 50% interest in Seaway Heavy Lifting Holding (SHL) from K&S Baltic Offshore (Cyprus) Limited. Following signing and completion on 10th March 2017, Seaway Heavy Lifting and its subsidiaries are now 100% owned by Subsea 7.

The Group will report revenues and net operating income from Seaway Heavy Lifting within a new Business Unit ‘Renewables and Heavy Lifting’. This new reporting structure will be reflected within the Group’s first quarter results, which will be announced on 27th April 2017.

Jean Cahuzac, CEO, said: “Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, 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.”

Subsea 7 made an offer to acquire K&S Baltic Offshore Limited's 50% in January 2017 an initial consideration of USD 279m (GBP 229m or EUR 261m) on completion and deferred consideration of up to USD 40m (GBP 32m or EUR 72m) to be paid by the end of the first quarter 2021 on condition that certain performance targets are met. The considerations are to be funded from Subsea 7’s existing cash resources.

SHL is a specialist offshore contractor and operates two heavy lift vessels, Stanislav Yudin and Oleg Strashnov. The vessels have been used on numerous offshore wind farms, installing foundations and offshore substations.

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