Subsea 7 has announced that one of its wholly owned subsidiaries has made an offer to acquire the 50 per cent shareholding in Seaway Heavy Lifting Holding currently owned by K&S Baltic Offshore (Cyprus). The terms of the offer are binding on Subsea 7 until July 1, 2017. During this period the works council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted in compliance with Dutch law.
Seaway Heavy Lifting operates two heavy lift vessels and is a joint venture in which Subsea 7 currently holds a 50 per cent interest. If the offer to acquire the remaining 50 per cent is accepted, Seaway Heavy Lifting would become a wholly owned subsidiary of Subsea 7.
Subsea 7 is offering an initial consideration of US$279 million on completion and deferred consideration of up to US$40 million to be paid by the end of the first quarter 2021 on condition that certain performance targets are met. The considerations will be funded from Subsea 7's existing cash resources.
