Offshore installation specialist Subsea 7 on Thursday announced the proposed executive team for Seaway 7, the company set to be created through the merger of OHT and Subsea 7's renewables business unit, as proposed in July 2021.
Seaway 7, an offshore wind installation giant in the making, will be managed by an experienced executive team led by Stuart Fitzgerald as Chief Executive Officer. Fitzerald is currently Subsea 7's Executive Vice President - Alliances and Strategy.
Torgeir E. Ramstad, currently CEO of OHT, will be appointed EVP Vessels and Offshore Resources at Seaway 7. Steph McNeill, currently Subsea 7 EVP Renewables, will be Chief Operating Officer, Harke Jan Meek, Chief Commercial Officer, and Mark Hodgkinson, Chief Financial Officer.
Also, in a separate statement, OHT said that Tom Jebsen, the current CFO of OHT, would continue in the company as a key member of the new CFO’s team supporting integration activities and ongoing operations.
Following the completion of the merger Subsea 7 will own 72% and OHT’s shareholders 28% of Seaway 7.
The two companies said in July the transaction would create a pure-play renewables company focused on the fixed-bottom offshore wind market.
The company will be a single supplier providing a range of standalone, integrated, or EPCI offerings encompassing installation of wind turbines, foundations, offshore substations, submarine cables, and heavy transport, the duo said.
Seaway 7 will have 600 employees and an active fleet of ten vessels and two further high-specification wind installation vessels being built for OHT, including the Alfa Lift, a giant wind turbine foundation installation vessel. The other vessel is a hi-spec wind turbine installation vessel, ordered late last year.
Apart from offshore wind installation vessels under construction, OHT brings to Seaway 7 a fleet of five heavy transportation vessels, increasingly deployed to transport large offshore wind structures. Alfa Lift Artist's Impression - Credit: OHT