Subsea 7 S.A. is combining its renewables business unit with OHT ASA, creating a combined company that will be renamed Seaway 7 ASA.
The new pure-play renewables company will be headquartered in Oslo and focused on offshore fixed wind projects. Seaway 7 ASA will provide standalone, integrated or EPC offerings encompassing the installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport. A fleet of 10 vessels and two further high-specification vessels under construction will support these operations.
“Seaway 7 ASA is positioned to forge an enhanced growth trajectory as a global leader in offshore wind,” says John Evans, CEO of Subsea 7. “Subsea 7 looks forward to working closely with Seaway 7 as it launches this next exciting chapter in its evolution.”
The combined company will retain OHT’s listing on the Euronext Growth market, with Subsea 7 owning 72% and OHT’s shareholders 28% of Seaway 7 ASA.
The board of Seaway 7 ASA will be chaired by Rune Magnus Lundetræ, and the company will be managed by Stuart Fitzgerald as CEO. Torgeir Ramstad and Steph McNeill will also hold executive roles.
Subsea 7 has installed over 700 foundations, more than 30 substations and over 800 km of submarine cables using its fleet of vessels.
