Subsea 7 makes takeover offer for Seaway Heavy Lifting

Subsea 7 has made an offer to acquire the remaining 50 percent shareholding in Seaway Heavy Lifting from K&S Baltic Offshore.

The terms of the offer are binding on Subsea 7 until July 1, 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, 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.”

Seaway Heavy Lifting is a specialist offshore contractor and operates two world-class heavy lift vessels. It employs approximately 550 employees and is headquartered in the Netherlands.

Seaway Heavy Lifting is a joint venture in which Subsea 7 currently holds a 50 percent interest. If the offer to acquire the remaining 50% is accepted, Seaway Heavy Lifting would become a wholly owned subsidiary of Subsea 7.

Subsea 7 is offering an initial consideration of $279 million on completion and deferred consideration of up to $40 million to be paid by the end of the first quarter 2021 on condition that certain performance targets are met. The considerations will be funded from Subsea 7’s existing cash resources.

 

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2020 >>
MTWTFSS
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 3

Navingo Career Event

The Navingo Career Event is Europe’s biggest career event for the maritime…

read more >

Offshore Technology Conference (OTC) 2020 Postponed

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply