OHT has entered into an agreement to combine with Subsea 7’s renewables business unit.
The deal is still subject to customary approvals, conditions and relevant employee consultations. If it progresses, the combined company will trade as Seaway 7 ASA and will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on the main board of Oslo Børs.
Headquartered in Oslo, the combined company’s services will include the installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport. It will have a fleet of ten vessels, with two further high-specification vessels under construction.
In line with the terms of the deal, Subsea 7 will own 72 percent of the venture with OHT’s shareholders controlling a 28 percent stake. Subsea 7 will retain its business in floating wind energy, which is not part of this transaction.
Torgeir E. Ramstad, ceo at OHT, said: “This is a very significant event in the growing renewables industry. Subsea 7 is a highly respected company and we are delighted that it sees OHT as a natural partner in creating a new global leader in renewables. We are committed to translating the leading capabilities that the combined company will offer into benefits for clients within the offshore fixed wind industry.”