Subsea 7 takes outright control of Seaway
Subsea 7 has become outright owner of Seaway Heavy Lifting after acquiring the 50% share held by K&S Baltic Offshore (Cyprus).
CEO Jean Cahuzac said the acquisition “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.”
Seaway, which operates twoheavy-lift vessels, is based in Zoetermeer, the Netherlands, and employs 550 personnel.
Prior to the acquisition, it was a joint venture company in which Subsea 7 held a 50% interest. The company paid a cash consideration of $279 million on completion of the transaction and an additional consideration of up to $40 million will follow in 2021 on condition that certain performance targets are met.
At the end of last year Seaway had an order backlog totaling $284 million, excluding $1.1 billion relating to the Beatrice offshore wind farm project in the UK North Sea.