OHT ASA has announced an agreement to combine with Subsea 7 S.A. Renewables business unit. The combined company will be renamed Seaway 7 ASA and will initially retain OHT’s listing on Oslo’s Euronext Growth market, with a view to a future listing on the main board of Oslo Børs.
Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7 ASA. Seaway 7 ASA will be managed by an executive team led by Stuart Fitzgerald as Chief Executive Officer. Torgeir E. Ramstad, currently CEO of OHT and Steph McNeill, currently Subsea 7 EVP Renewables will also hold executive roles. Transaction completion is anticipated by the end of the third quarter of 2021, subject to approval by OHT’s shareholders, regulatory approvals and other customary completion conditions.
The transaction will create a listed, pure-play renewables company, headquartered in Oslo and focused on fixed offshore wind. The company will provide a range of standalone, integrated or EPCI offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport. The combination employs around 600 people, and has a fleet of ten vessels with two further vessels under construction.