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Subsea 7 agrees to combine its Renewables business unit with OHT Luxembourg - 8 July 2021 - Subsea 7 S.A. ( Oslo Børs : SUBC , ADR : SUBCY ) today announced an agreement to combine its Renewables business unit ( 1 ) with OHT ASA ( Oslo Børs : OHT ) , subject to the customary approvals , conditions and relevant employee consultations . The combined company will be renamed Seaway 7 ASA and will initially retain OHT's listing on Oslo's Euronext Growth market , with a view to a future listing on Oslo Børs . The transaction will create : • A listed , pure - play renewables company , headquartered in Oslo and focused on offshore fixed wind A single supplier providing an enhanced range of standalone , integrated or EPCI ( 2 ) offerings encompassing installation of wind turbines , foundations , offshore substations , submarine cables and heavy transport • A key player in the industry , employing around 600 people , with an active fleet of ten vessels and two further high - specification vessels under construction • A global organisation with a track record of more than ten years and relationships with the majority of developers in the sector • A high - end , differentiated fleet with enabling capabilities and scale , allowing efficient worldwide operations , while providing vessel flexibility and optionality to clients ⋅ Increased exposure to the high - growth offshore wind market , with the timely and cost - efficient addition of two best - in - class foundation and turbine installation vessels in 2022 and 2023 John Evans , Chief Executive Officer , Subsea 7 said : " This transaction represents an important next step in Subsea 7's Energy Transition journey that will accelerate and enhance value creation for our shareholders . As a listed company with a comprehensive fleet and experienced management team , Seaway 7 ASA is positioned to forge an enhanced growth trajectory as a global leader in offshore wind . Subsea 7 looks forward to working closely with Seaway 7 as it launches this next exciting chapter in its evolution . " Torgeir E. Ramstad , Chief Executive Officer , OHT said : " This is a very significant event in the growing Renewables industry . Subsea 7 is a highly respected company and we are delighted that it sees OHT as a natural partner in creating a new global leader in renewables . We are committed to translating the leading capabilities that the combined company will offer into benefits for clients within the offshore fixed wind industry . " Combination structure and terms . The combined company will be named Seaway 7 ASA and will retain OHT's listing on the Euronext Growth market . • Subsea 7 will own 72 % and OHT's shareholders 28 % of Seaway 7 ASA . • Completion of the combination is subject to approval by the shareholders of OHT at an extraordinary general meeting . • The Board of Directors of OHT has agreed to recommend the transaction to its shareholders . Songa Corp and Lotus Marine AS , with stakes of 51.1 % and 25.6 % respectively , have agreed to approve the transaction . Approval by Subsea 7's shareholders is not required . • The Board of Seaway 7 ASA will comprise four directors nominated by Subsea 7 and one nominated by OHT's largest shareholder , Songa Corp. It will be chaired by Rune Magnus Lundetræ . • • Seaway 7 ASA will be managed by a highly experienced executive team led by Stuart Fitzgerald as Chief Executive Officer . Torgeir Ramstad and Steph McNeill will also hold executive roles . As majority shareholder , Subsea 7 will consolidate Seaway 7 ASA in its financial statements and the entity will benefit from financial , operational , administrative and strategic support from the Subsea 7 Group . • It is anticipated that the transaction will be accretive to Subsea 7's earnings from 2024 after delivery of the two newbuild vessels . . The Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted on this transaction in compliance with Dutch law . • Transaction completion is anticipated by the end of the third quarter of 2021 , subject to approval by OHT'S shareholders , regulatory approvals and other customary completion conditions . Contributions to the Combination Subsea 7's Renewables business unit brings to the combination a long track record of executing large and complex offshore wind projects , drawing on its engineering expertise , well - established project and supply chain management , and efficient installation . Since 2009 , it has installed over 700 foundations , more than 30 substations and over 800 kilometres of submarine cables using its fleet of two heavy lift vessels , two cable lay vessels and an installation support vessel . With over 500 employees in offices in France , Germany , Netherlands , Poland , Taiwan , the UK and the US it has a presence in each of the offshore wind industry's key existing and