Subsea 7 chief executive Jean Cahuzac said: “Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, is aligned with our strategy to grow and strengthen our business for the long-term. Consolidating Seaway Heavy Lifting into the Group increases our participation in R
enewables, Heavy Lifting and Decommissioning services. These are areas where we expect market activity to increase and see potential to grow our market share.”
Seaway Heavy Lifting is a specialist offshore contractor and operates two heavy lift vessels. It employs 550 people and is headquartered in the Netherlands.
An additional $40million could be paid in 2021 if certain performance targets are met.
As of December 2016, Seaway Heavy Lifting had $284million of order backlog, excluding $1.1 billion relating to the Beatrice offshore wind farm project, which is already included in the reported order backlog of Subsea 7.
Its net assets total $392million, including net cash of $62million.
It comes after Subsea 7 more than trebled its profits in 2016 after savage cost-cutting
