Subsea 7 Announces Offer for Seaway Heavy Lifting
Subsea 7 has made an offer to acquire the 50% shareholding in Seaway Heavy Lifting currently owned by K&S Baltic Offshore. The terms of the offer are binding on Subsea 7 until 1 July 2017. During this period the Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted in compliance with Dutch law.
Jean Cahuzac, CEO of Subsea 7, says, “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.”
Seaway Heavy Lifting, headquartered in the Netherlands, operates two world-class heavy lift vessels and employs 550 employees. Subsea 7 currently holds a 50% interest in the company. If the offer to acquire the remaining 50% is accepted, Seaway Heavy Lifting would become a wholly owned subsidiary of Subsea 7.