January 23 - A wholly-owned subsidiary of Subsea 7 has made an offer to acquire the 50 percent shareholding in Seaway Heavy Lifting, which is currently owned by its joint venture partner K&S Baltic Offshore (Cyprus).

The deal would make Seaway Heavy Lifting a wholly-owned subsidiary of Subsea 7.

The terms of the offer, which amounts to USD279 million on completion and deferred consideration of up to USD40 million to be paid by the end of the first quarter 2021 on the condition that certain performance targets are met, are binding on Subsea 7 until July 1, 2017.

The considerations will be funded from Subsea 7's cash resources.

Headquartered in the Netherlands, Seaway Heavy Lifting is a specialist offshore contractor and operates two heavy lift vessels.

Subsea 7 is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. It provides technical solutions to enable the delivery of complex projects in all water depths and challenging environments.