Subsea 7 and OHT form combined company

4C Offshore | Tom Russell
By: 08/07/2021 OHT
OHT ASA (OHT) and Subsea 7 S.A. (Subsea 7) announced an agreement to combine OHT with Subsea 7 Renewables' business unit, subject to customary approvals, conditions and relevant employee consultations. The combined company will be renamed Seaway 7 ASA and will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on the main board of Oslo Børs.

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. Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7 ASA.

The listed renewables company, headquartered in Oslo will be focused on offshore fixed wind operating as a supplier of standalone, integrated or EPCI offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport. A key player in the industry, employing around 600 people, with an active fleet of ten vessels and two further vessels under construction.

Torgeir E. Ramstad, Chief Executive Officer, OHT, said: “This is a very significant event in the growing Renewables industry. Subsea 7 is a highly respected company and we are delighted that it sees OHT as a natural partner in creating a new global leader in renewables. We are committed to translating the leading capabilities that the combined company will offer into benefits for clients within the offshore fixed wind industry.”

OHT’s fleet of semi-submersible heavy transportation vessels have been supporting the development of offshore wind farms since OHT announced its entry into the market in 2018 with the order of one of the world’s largest custom built foundation installation vessels,
Alfa Lift. Further announcements were made in 2020, which will see OHT’s installation fleet grow with the introduction of a next generation wind turbine installation vessel, plus options for three more.

John Evans, Chief Executive Officer, Subsea 7, said: “This transaction represents an important next step in Subsea 7’s Energy Transition journey that will accelerate and enhance value creation for our shareholders. As a listed company with a comprehensive fleet and experienced management team, Seaway 7 ASA is positioned to forge an enhanced growth trajectory as a global leader in offshore wind. Subsea 7 looks forward to working closely with Seaway 7 as it launches this next exciting chapter in its evolution.”

Subsea 7’s Renewables business unit has been operating in the offshore wind market since 2009. The company claims to have installed over 700 foundations, more than 30 substations and over 800 kilometres of submarine cables using its fleet of two heavy lift vessels, two cable lay vessels and an installation support vessel. It employs over 500 people in offices in France, Germany, the Netherlands, Poland, Taiwan, the UK and the US.