UK player Subsea 7 has acquired the remaining interest it did not already own in Netherlands-based offshore wind installation group Seaway Heavy Lifting.
Under the deal with K&S Baltic Offshore, Subsea 7 bought 50% of Seaway, turning the contractor into a wholly-owned subsidiary.
Subsea 7 paid cash of $279m for the acquisition and is due to make an additional payment of up to $40m in 2021, on the condition that certain performance targets are met.
