Subsea 7 taking majority stake in floating wind specialist

Aug. 2, 2021
Subsea 7 has an agreement to take a 59.12% controlling interest in Nautilus Floating Solutions.

Offshore staff

LUXEMBOURG Subsea 7 has an agreement to take a 59.12% controlling interest in floating wind developer Nautilus Floating Solutions, based in Bilbao, northern Spain.

Nautilus’ concept for a floating wind foundation is based on a semisubmersible steel structure supporting a centrally-placed wind turbine.

Subsea 7 will provide technical support and engineering and project management capabilities to further the development, and expects the concept to be included in tenders for demonstrator or pilot projects.

The company will also take four of the seven positions on Nautilus’ board. Tecnalia, a European research and technological development center, and mooring systems designer and fabricator Vicinay, will respectively retain equity interests of 29.14% and 11.74% in Nautilus.

Although Nautilus will remain an autonomous company, co-operating with various regional, national and international partners, it will also benefit from Subsea 7’s support in various upcoming bids for floating wind projects.

In addition, Subsea 7 will also continue to engage with other technology providers to support client, regional or supply chain requirements. And the two companies will work closely with Seaway 7 (the recently announced combination of Subsea 7’s fixed wind activities and OHT).