SUBSEA 7 ACQUIRES SEAWAY HEAVY LIFTING

Subsea 7 announced the acquisition, from K&S Baltic Offshore, of its 50% shareholding in Seaway Heavy Lifting. Following signing and completion, after close of business on 10 March 2017, Seaway Heavy Lifting and its subsidiaries became wholly-owned by Subsea 7. Jean Cahuzac, CEO, said that the investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, is aligned with the strategy to grow and strengthen the business for the long-term. Consolidating Seaway Heavy Lifting into the Group increases the participation of Subsea 7 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 world-class heavy lift vessels. It employs 550 people and is headquartered in the Netherlands. (Source: Subsea 7 – Image: Seaway / Stanislav Yudin heavy lift vessel)