New Seaway 7 Wins First Wind Contract After Merger

Oslo-based Seaway 7, the new pure-play renewables company formed through the combination of business units of Subsea 7 and OHT, has announced its first contract since the closing of the merger earlier this month.

The company says it has been selected as a 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 wind projects in Germany.

The installation will utilize Seaway 7’s new self-propelled jack-up installation vessel VIND1 which is currently under construction with delivery planned in 2023.

The company says commissioning of the German projects are expected in 2024 and 2025 and the contract award is subject to EU tendering procedures, as well as Ørsted’s final investment decision.

“We are excited to have been awarded this contract, which is the first award for our new build wind turbine installation vessel. We see this award as a positive validation of the recent combination to form Seaway 7 ASA, as well as the VIND1 vessel capabilities, and we look forward to continue our working relationship with Ørsted,” said Stuart Fitzgerald, Chief Executive Officer of Seaway 7.

The combination of the renewable businesses of Subsea 7 ASA and OHT ASA closed on October 1. The new company combined Subsea 7’s two heavy lift vessels, two cable lay vessels, and an installation support vessel with OHT’s five offshore wind turbine heavy transportation vessels, along with two high-end wind installation vessels (including the jack-up and a wind turbine foundation installation vessel) currently under construction. The foundation installation vessel is due in 2022.

Subsea 7 holds a 72% stake in the new company while and OHT’s shareholders hold the other 28%.

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