Offshore contractor Subsea 7 is merging its renewables business with fellow Oslo-listed company OHT to create a “pure-play renewables company” focused on offshore wind.
The new entity, which will be named Seaway 7, will provide a range of standalone, integrated or engineering, procurement, construction and installation offerings encompassing turbines, foundations, offshore substations, submarine cables and heavy transport.
Subsea 7 will provide financial support for Seaway 7’s working capital requirements, while it is expected future capital expenditure will be met through operating cash flows and, if required, new debt facilities that may be supported by Subsea 7.
