Subsea 7 bids for full ownership of Seaway Heavy Lifting

Offshore staff

LUXEMBOURGSubsea 7 has offered to acquire the 50% shareholding in Seaway Heavy Lifting Holding currently owned by K&S Baltic Offshore in a deal valued at up to $319 million.

Seaway Heavy Lifting is a joint venture in which Subsea 7 currently holds the remaining 50%. The company operates two heavy-lift vessels, employs roughly 550 staff, and is based in Zoetermeer, the Netherlands.

If the offer is accepted, the company would become a wholly owned subsidiary of Subsea 7.

The terms of the offer are binding on Subsea 7 until July 1, 2017. During this period the Works Council representing Seaway’s employees in the Netherlands will be consulted in compliance with Dutch law.

CEO Jean Cahuzac said: “Subsea 7’s strong market position in offshore energy services is complemented by Seaway Heavy Lifting’s expertise in three areas  of offshore activity: renewables, heavy-lifting operations, and decommissioning of oil and gas assets.

“We believe that this acquisition will allow us to strengthen Subsea 7’s position in businesses where we expect increased activity and opportunities for long-term growth.”

In a separate development, Petrobras has terminated the day rate contract offshore Brazil for Subsea 7’s pipelay support vessel Seven Mar.

The contract had been due to expire in 2018.

Brazilian maritime law prioritizes Brazilian-flagged vessels over international vessels of a similar specification, hence the decision to terminate the contract early.

01/17/2017

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