Subsea 7 Initiates Takeover of Seaway 7

Subsea7, a company that provides services to offshore oil and gas industries, has reached a deal to acquire a majority of Seaway7’s remaining shares, giving it full control over its operations.

Seaways7 was formed in 2021 as a new pure-play renewables company through the combination of Subsea7’s renewables business unit and Offshore Heavy Transport ASA (OHT).

Under the deal, Subsea7 has agreed to buy 187,889,551 shares in Seaway7, representing 21.52% of Seaway7’s issued and outstanding share capital, from Songa Capital, West Coast Invest and Lotus Marine. The agreement, expected to close in March 2023, will make the Subsea7 Group the owner of 93.94% of the issued and outstanding share capital of Seaway7.

Upon closing, Subsea7 can acquire the remaining shares of Seaway 7 through a compulsory acquisition, but it has chosen to make a voluntary offer to acquire the remaining shares instead. Eligible shareholders of Seaway7 can tender their shares in the offer and receive one new share in Subsea7 for every 22 shares in Seaway7 tendered, rounded down to the nearest whole share.

Once the transactions are completed, Subsea7 will issue a total of 8,540,433 new shares to Songa Capital, West Coast Invest and Lotus Marine, corresponding to about 2.90% of the current issued share capital of Subsea7, following the separately announced treasury share cancellation. In addition, Subsea7 will issue up to 2,404,333 new shares to the shareholders in Seaway 7 tendering their shares in the offer, corresponding to about 0.82% of the current issued share capital of Subsea7 and taking into account the separately announced treasury share cancellation.