Subsea 7 buys more into Seaway 7, issues voluntary offer to acquire remaining shares

Subsea 7 has completed the acquisition of additional shares in Seaway 7, bringing its total ownership of the issued and outstanding share capital in the company to 93.94 per cent.

On 14 March, Subsea 7 announced it had completed the acquisition of 187,889,551 shares in Seaway 7, corresponding to 21.52 per cent of Seaway 7’s issued and outstanding share capital, from Songa Capital, Lotus Marine and West Coast Invest.

Following the completion of the acquisition, Subsea 7 holds 93.94 per cent of the issued and outstanding share capital of Seaway 7.

As consideration, Songa Capital, Lotus Marine and West Coast Invest have received one new Subsea 7 share for every 22 Seaway 7 shares, in total 8,540,433 new shares, corresponding to approximately 2.90 per cent of the current issued share capital of Subsea 7.

The consideration shares have the same rights as the existing Subsea 7 shares but are not eligible for the proposed NOK 4 per share dividend tabled for approval at Subsea 7’s annual general meeting on 18 April.

The shares have thus been issued on a separate ISIN and will not be listed and tradable on the Oslo Stock Exchange until they have been transferred to the ordinary ISIN of the Subsea 7 shares following the record date for the Annual Dividend, scheduled for 21 April.

Following the issuance of the consideration shares, Subsea 7 has an issued share capital of $605,716,932 represented by 302,858,466 shares, each with a nominal value of $2.00.

Subsea 7 has also launched a voluntary offer for the remaining outstanding shares in Seaway 7.

To remind, Seaway 7 was established in 2021 with the combination of Subsea 7’s Renewables business unit and OHT ASA.

The Oslo-headquartered company half a year ago announced its plans to raise $650 million through the issuance of new equity and debt, primarily to finance its two newbuild vessels, Seaway Alfa Lift and Seaway Ventus.

In terms of its most recent news, it is worth mentioning that Seaway 7 was awarded a contract in February for the transport and installation of cables on the Hai Long offshore wind farms in Taiwan.

Speaking about Subsea 7, the company reported an order intake of over $7 billion for the full year of 2022, representing the highest order intake since 2013, with a backlog of over $9 billion.