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seaway ? Seaway 7 ASA Announces Third Quarter 2021 Results Oslo 17 November 2021 - Seaway 7 ASA ( Euronext Growth : SEAW7 ) announced today results for the third quarter which ended 30 September 2021 . On 1 October 2021 , OHT ASA completed a business combination with the renewables business unit of Subsea 7 , and the combined company was renamed Seaway 7 ASA ( the " Company " ) . The condensed consolidated financial statements of Seaway 7 ASA contained in this report reflect the results for the third quarter and year - to - date prior to the business combination and do not include the results related to Subsea 7's renewables business unit . Consolidated financial statements of Seaway 7 ASA for the fourth quarter will include results related to both the Subsea 7 renewables business unit and legacy OHT businesses . THIRD QUARTER 2021 SUMMARY Operating revenue was $ 17.4m in Q3 2021 , down from $ 17.8m in Q2 2021 EBITDA1 was $ 1.7m in Q3 2021 , down from $ 3.9m in Q2 2021 Loss before tax was $ 2.4m in Q3 2021 , compared to a loss before tax of $ 0.1m in Q2 2021 Utilization on the transportation fleet was 96 % in Q3 2021. Utilization in Q2 2021 was 93 % SUBSEQUENT EVENTS On 1 October 2021 , OHT ASA completed a business combination with the renewables business unit of Subsea 7 , and the combined company was renamed Seaway 7 ASA . The combined entity retains the listing on Euronext Growth market in Oslo , with the ticker SEAW7 . As a result of the combination , these subsequent events came effective during October : 314,325,054 new ordinary shares were issued , each with a nominal value of NOK 0.10 A new Board of Directors was elected A new CEO and executive management team was appointed On 6 October 2021 , the Company announced that it had been selected as preferred contractor by Ørsted for the transport and installation of wind turbine generators for part of the Gode Wind 3 and Borkum Riffgrund 3 offshore windfarms in Germany . The Contract for the aforementioned scope with Ørsted was subsequently signed on 8 November 2021. This is the first assignment to be secured for the Company's jack - up WTG installation vessel VIND 1 and is seen as a positive validation of the combination to form Seaway 7 ASA and the confidence of our Customers in our ability to delivery on their project requirements . On 18 October 2021 , the Company was informed of an incident involving the folding A - frame on the main crane of Alfa Lift , currently under construction in China . No personnel were injured and the unplanned movement of the folding A - frame is currently being investigated , including impacts to vessel delivery schedule and on the initial committed works for the vessel . On 12 November 2021 , the Company announced that it had signed a Contract with SSE for the Doggerbank C project . Dogger Bank C will be developed with 87 wind turbine generators and is owned by SSE Renewables , Equinor and ENI . The company will utilise its specialist Heavy Lift Vessel Alfa Lift , and offshore installation will commence in 2024 following the installation of the Dogger Bank A and B projects . The contract award is subject to SSE Renewables final investment decision to proceed with the project . 1 ¹ Earnings before interest , taxation , depreciation and amortization ( " EBITDA " ) is a non - IFRS measure and represents the same figure as Operating profit ( loss ) before depreciation and amortisation expenses in the Statement of Comprehensive income . 1