Seaway Heavy Lifting and its subsidiaries became wholly-owned by Subsea 7.
Subsea 7 has acquired the remaining 50% shareholding from K&S Baltic Offshore (Cyprus) Limited. Prior to the acquisition, Seaway Heavy Lifting was a 50:50 joint venture company.
The Oslo-listed SURF specialist said it paid cash consideration of USD 279 million on completion and an additional consideration of up to USD 40 million will be paid in 2021 on the condition that certain performance targets are met.
Jean Cahuzac, CEO, said: “Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, 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 Heavy Lifting is headquartered in the Netherlands and employs 550 people.