AI assistant
Subsea 7 — M&A Activity 2017
Mar 13, 2017
6244_rns_2017-03-13_2d94b88a-efe7-4321-9178-c14281022668.html
M&A Activity
Open in viewerOpens in your device viewer
Subsea 7 announces acquisition of Seaway Heavy Lifting
Subsea 7 announces acquisition of Seaway Heavy Lifting
Luxembourg - 13 March 2017 - Subsea 7 S.A. (Oslo Børs: SUBC,
ADR: SUBCY) today announced the acquisition, from K&S Baltic
Offshore (Cyprus) Limited, of its 50% shareholding in Seaway
Heavy Lifting Holding Limited (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 (the Group).
Jean Cahuzac, CEO, said: "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. 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."
The Group will report revenues and net operating income
from Seaway Heavy Lifting within a new Business Unit
'Renewables and Heavy Lifting'. This new reporting
structure will be reflected within the Group's first
quarter results, which will be announced on 27 April 2017.
Additional information is abilable in the full press
release.
The full release is available on Newspoint.no and
subsea7.com websites.
*************************************************************
Subsea 7 S.A. is a leading global contractor in seabed-to-
surface engineering, construction and services to the
offshore energy industry. We provide technical solutions to
enable the delivery of complex projects in all water depths
and challenging environments.
*************************************************************
Contact for investment community enquiries:
Isabel Green
Investor Relations Director
Tel +44 (0)20 8210 5568
www.subsea7.com
Contact for media enquiries:
Julie Taylor
Corporate Communications
Tel +44 (0) 1224 526270
www.subsea7.com