Seaway 7 has confirmed the combination between OHT ASA and Subsea 7’s offshore fixed wind unit has been completed.
From 01 October 2021, the combined company will be named Seaway 7 ASA. The new Seaway 7 is able to offer the full range of services required to install next generation offshore windfarms. With a comprehensive fleet, strong track record and experienced team, Seaway 7 is positioned as a global leader in offshore wind.
Effective from closing of the Transaction:
- OHT ASA is renamed Seaway 7 ASA
- Subsea 7 Blue Space Limited, a wholly-owned indirect subsidiary of Subsea 7 S.A., has contributed its ownership of 100% of the shares in Seaway Offshore Cables GmbH, SHL Holding NL B.V., Seaway Aimery AS, Seaway Moxie AS and Seaway Phoenix AS to the Company, in return for an issuance of 314,325,054 new shares at an issue price of NOK 19.50 per share
- A new board of Seaway 7 ASA has been elected, consisting of Rune Magnus Lundetræ (Chairperson), Kristian Siem, John Evans, Nathalie Louys and Monica Bjørkmann
- Stuart Fitzgerald has been nominated as the new Chief Executive Officer and the new Executive Management Team of the Seaway 7 Group (“Seaway 7”) will consist of the persons announced on 2 September 2021
- Ernst & Young AS will replace PricewaterhouseCoopers AS as Seaway 7’s external auditor
The Company expects the new shares to be registered with the Norwegian Register of Business Enterprises on 4 October 2021, following which the share capital of the Company will be NOK 43,656,257.50 divided into 436,562,575 shares, each with a nominal value of NOK 0.10.
The Company’s shares will continue to be traded on Euronext Growth. The Company’s name and ticker symbol are in the process of being changed to Seaway 7 ASA and SEAW7 respectively. The name and ticker are expected to change prior to start of trading on 5 October 2021.
The market will be informed when the new shares have been registered with the Norwegian Register of Business Enterprises and the Company will confirm when the first day of trading with the new name and ticker will take place.
Stuart Fitzgerald, incoming CEO of Seaway 7, commented “We are very pleased to reach this milestone and begin operations as the newly combined Seaway 7 Group. The industrial logic of the combination, which strengthens and broadens our offering, whilst adding differentiated assets to a market leading capability and track record, has been well understood by our clients, investors and employees. We look forward to positioning Seaway 7 as one of the market leaders in the delivery of bottom-fixed offshore wind farm solutions, contributing to an efficient and sustainable energy supply for the future.”
