Subsea 7 Adds Seaway Heavy Lifting

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.

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >