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Subsea 7 agrees to combine its Renewables business unit with OHT

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08 July 2021

Subsea 7 S.A. today announced an agreement to combine its Renewables business unit(1) with OHT ASA (Oslo Børs: OHT), subject to the customary approvals, conditions and relevant employee consultations. The combined company will be renamed Seaway 7 ASA and will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on Oslo Børs.

The transaction will create:

  • A listed, pure-play renewables company, headquartered in Oslo and focused on offshore fixed wind
  • A single supplier providing an enhanced range of standalone, integrated or EPCI(2) offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport
  • A key player in the industry, employing around 600 people, with an active fleet of ten vessels and two further high-specification vessels under construction
  • A global organisation with a track record of more than ten years and relationships with the majority of developers in the sector
  • A high-end, differentiated fleet with enabling capabilities and scale, allowing efficient worldwide operations, while providing vessel flexibility and optionality to clients
  • Increased exposure to the high-growth offshore wind market, with the timely and cost-efficient addition of two best-in-class foundation and turbine installation vessels in 2022 and 2023

John Evans, Chief Executive Officer, Subsea 7 said: "This transaction represents an important next step in Subsea 7’s Energy Transition journey that will accelerate and enhance value creation for our shareholders. As a listed company with a comprehensive fleet and experienced management team, Seaway 7 ASA is positioned to forge an enhanced growth trajectory as a global leader in offshore wind. Subsea 7 looks forward to working closely with Seaway 7 as it launches this next exciting chapter in its evolution.”

Torgeir E. Ramstad, Chief Executive Officer, OHT said: "This is a very significant event in the growing Renewables industry. Subsea 7 is a highly respected company and we are delighted that it sees OHT as a natural partner in creating a new global leader in renewables. We are committed to translating the leading capabilities that the combined company will offer into benefits for clients within the offshore fixed wind industry.”