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Both Subsea 7 and OHT announce today that they have agreed to merge their renewable units. Until further notice, the company will take over OHT’s place on Euronext Growth, but the company envisages a future transfer to the Oslo Stock Exchange.
The merger creates a purely renewable company with operations within offshore offshore wind.
– This transaction represents an important next step for Subsea 7’s energy transition journey that accelerates and improves value creation for our shareholders. As a listed company with an extensive fleet and experienced management, Seaway 7 is positioned to create an improved growth path as a global leader in offshore wind. Subsea 7 looks forward to working closely with Seaway 7 when they launch this next exciting chapter in their development, says CEO John Evans of Subsea 7.
Final decision after extraordinary general meeting
The merger will not be completed until after OHT has held an extraordinary general meeting and the board has recommended to the shareholders to accept the transaction. The company’s two majority owners have both approved and accepted the merger. Arne Blystad’s holding company Songa Corp. controls 51.1 per cent of the shares in OHT, followed by Lotus Marine AS which holds 25.6 per cent of the shares.
The merger does not require acceptance from Subsea 7’s shareholders.
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Subsea 7 will be the majority owner of the new company with 72 percent ownership, while OHT’s shareholders will have an ownership share of 28 percent. Kristian Siem is the largest shareholder in Subsea 7.
Into the new company, the renewable unit in Subsea 7 brings with it a long track record of carrying out large and complex offshore wind projects, it is stated. OHT brings with it a fleet of five heavy transport vessels, as well as two installation vessels that are under construction, the first being delivered in 2022 and the second in 2023.
“The timing and pricing of OHT’s newbuildings are attractive given a significant expansion of the market from 2025,” Subsea 7 writes in the report.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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