Kristian Siem’s Subsea 7 has moved to take its offshore wind specialist Seaway 7 private, having struck a deal with Songa Capital, West Coast Invest and Lotus Marine to take over their shares in the company.
The deal includes 187.9m shares worth around NOK1.15bn ($112m) representing 21.52% of Seaway 7. As a result, Arne Blystad’s Songa Capital, the second-largest shareholder, and the Eide Knudsen family’s West Coast Invest and Lotus Marine will receive one new share in Subsea 7 for every 22 shares in Seaway 7. This corresponds to around 8.5m of new shares, or 2.9% of Subsea 7.
Following completion of the transactions, Subsea 7 will own 93.94% of Seaway 7 and will be in a position to effect a compulsory acquisition of the remaining Seaway 7 shares. However, the company said it will first put forward a voluntary offer to acquire the remaining outstanding shares at the same 1 for 22 exchange rate from March 13 until April 14. When the offer closes, Subsea 7 will apply for the delisting of Seaway 7 from Euronext Growth Oslo.
The Oslo-based Seaway 7 was formed in 2021 when Subsea 7 merged its renewables unit with Arne Blystad’s heavy lift shipping company OHT to create a pure-play renewables company focused on fixed offshore wind.
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