Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has announced the acquisition, from K&S Baltic Offshore (Cyprus) Limited, of its 50% shareholding in Seaway Heavy Lifting Holding Limited (Seaway Heavy Lifting).
Following signing and completion, after close of business on 10 March 2017, Seaway Heavy Lifting and its subsidiaries became wholly-owned by Subsea 7 (the Group).
Jean Cahuzac, CEO, said: "Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, is aligned with our strategy to grow and strengthen our business for the long-term. Consolidating Seaway Heavy Lifting into the Group increases our participation in Renewables, Heavy Lifting and Decommissioning services. These are areas where we expect market activity to increase and see potential to grow our market share."
The Group will report revenues and net operating income from Seaway Heavy Lifting within a new Business Unit 'Renewables and Heavy Lifting'. This new reporting structure will be reflected within the Group's first quarter results, which will be announced on 27 April 2017.
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