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Subsea 7 to secure majority equity interest in Nautilus

4C Offshore | James Bernthal-Hooker
By: James Bernthal-Hooker 02/08/2021 Subsea 7
Subsea engineering, construction, and services company Subsea 7 is to acquire a majority equity interest in Nautilus Floating Solutions, which develops technology for floating wind. Today (2nd August 2021), Subsea 7 announced that it will acquire a controlling interest of 59.12% and will assume four of the seven positions on the company’s board of directors.

Other shareholders in Natilus include Tecnalia (29.14%) and Vicinay (11.74%).

Nautilus has developed a floating wind foundation concept based on a semi-submersible steel structure, supporting a centrally-placed wind turbine. Going forward, Subsea 7 will provide technical expertise and engineering and project management capability.

Nautilus, which is based in Spain, will remain an autonomous company, while collaborating closely with Seaway 7 ASA, the recenty-announced combination of Subsea 7 and OHT ASA.

John Evans, Chief Executive Officer at Subsea 7, commented: “The agreement with Nautilus represents an exciting opportunity for Subsea 7 to further our involvement in the technology being developed for the floating wind market. Involvement at an early stage allows the development of this concept to benefit from our technical know-how, experience in delivering EPCI projects, and to maximise the value creation opportunity for our clients and shareholders. Following the agreements with OHT ASA in offshore fixed wind, and with Simply Blue Energy in floating wind, this is another step in the realisation of the Group’s strategy to proactively participate in the Energy Transition.”

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