Seaway Heavy Lifting, a 50/50 joint venture between Subsea 7 S.A. and K&S Baltic Offshore (Cyprus), is now a wholly-owned subsidiary of Subsea 7.
Subsea 7 said it acquired the remaining 50 percent shareholding in Seaway Heavy Lifting Holding and its subsidiaries on March 10, 2017 for a cash consideration of $279 million on completion and an additional consideration of up to $40 million to be paid in 2021 on the condition that certain performance targets are met.
“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,” said Jean Cahuzac, CEO of Subsea 7. “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’s board of directors comprises Nathalie Louys, Agapios Agapiou and Chris Georghiades, and its senior management team includes Jan Willem van der Graaf as Chief Executive Officer, Arjan van der Laan as Chief Financial Officer and Peter de Bree as Chief Operating Officer.