Seaway 7, OHT Merger Complete

OHT's Wind Turbine Installation vessel ordered last year - Credit: OHT
OHT's Wind Turbine Installation vessel ordered last year - Credit: OHT

Offshore installation giant Subsea 7 has informed that the merger between its offshore wind subsidiary Seaway 7 and offshore and heavy lift vessel owner OHT has been completed.

Subsequent to the combination, first proposed in July 2021, OHT ASA will be re-named Seaway 7 ASA. Subsea 7's subsidiary Subsea 7 Blue Space Limited holds 72% of the merged company Seaway 7, and OHT’s shareholders 28%.

The merged company, focused on offshore wind installation, will be managed by an executive team led by Stuart Fitzgerald as Chief Executive Officer, previously Subsea 7's Executive Vice President - Alliances and Strategy.

Torgeir E. Ramstad, CEO of OHT, will be appointed EVP Vessels and Offshore Resources at Seaway 7. Steph McNeill, Subsea 7 EVP Renewables, will be Chief Operating Officer, Harke Jan Meek, Chief Commercial Officer, and Mark Hodgkinson, Chief Financial Officer.

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 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.

Commenting on the merger, Stuart Fitzgerald, incoming CEO of Seaway 7, said: "We are very pleased to reach this milestone and begin operations as the newly combined Seaway 7 Group. The industrial logic of the combination, which strengthens and broadens our offering, whilst adding differentiated assets to a market leading capability and track record, has been well understood by our clients, investors and employees. We look forward to positioning Seaway 7 as one of the market leaders in the delivery of bottom-fixed offshore wind farm solutions, contributing to an efficient and sustainable energy supply for the future.” 

Alfa Lift Artist's Impression - Credit: OHT

Current News

Bluestream Lands Subsea Remedial Job at Two North Sea Offshore Wind Farms

Bluestream Lands Subsea Remedi

Damen Hooks Another CSOV Order from Taiwanese Firm

Damen Hooks Another CSOV Order

TGS Gets Ultra High-Res 3D Survey Job

TGS Gets Ultra High-Res 3D Sur

French Company Secures Work On $4B Cedar FLNG Scheme

French Company Secures Work On

Subscribe for OE Digital E‑News

Offshore Engineer Magazine