March 13 - Subsea 7 has acquired K&S Baltic Offshore's 50 percent shareholding in Seaway Heavy Lifting, making the latter and its subsidiaries wholly owned by the Subsea 7 Group.
The Group paid cash consideration of USD279 million on completion and an additional consideration of up to USD40 million will be paid in 2021 on the condition that certain performance targets are met.
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 in to 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. According Subsea 7, the new reporting structure will be reflected within the Group's first quarter results, which will be announced on 27 April 2017.
Seaway Heavy Lifting's Stanislav Yudin
