Subsea 7 S.A. announced that it is to consolidate its Renewable Energy Division into its 50% owned joint venture Seaway Heavy Lifting (SHL). The consolidation will rationalise Subsea 7’s offering to the renewables market, and enable SHL to leverage Subsea 7’s engineering and project management expertise to broaden its range of services and target larger projects.
Subsea 7 established its Renewable Energy Division in 2011, principally targeting offshore wind projects in Europe. SHL has established a track record of successfully delivering offshore wind installation projects including the Greater Gabbard, Sheringham Shoal and Gwynt-y-Mor projects offshore UK, and the Riffgat and Borkum West II projects offshore Germany.
Subsea 7’s Chief Executive Officer, Jean Cahuzac said: “The combination of Subsea 7’s engineering, project management and offshore delivery expertise with SHL’s existing capability in transport and installation of marine structures will create a company with the resources to better compete in the growing offshore renewables sector. We look forward to demonstrating how this new combination can deliver an extended offering to clients in a safe and cost effective way.”
Press Release, January 09, 2013