Subsea 7 chief executive Jean Cahuzac 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.”
Seaway Heavy Lifting is a specialist offshore contractor and operates two heavy lift vessels. It employs 550 people and is headquartered in the Netherlands.
An additional $40million could be paid in 2021 if certain performance targets are met.
As of December 2016, Seaway Heavy Lifting had $284million of order backlog, excluding $1.1 billion relating to the Beatrice offshore wind farm project, which is already included in the reported order backlog of Subsea 7.
Its net assets total $392million, including net cash of $62million.
It comes after Subsea 7 more than trebled its profits in 2016 after savage cost-cutting