Subsea 7 S.A. today announced the acquisition, from K&S Baltic Offshore (Cyprus) Limited, of its 50% shareholding in Seaway Heavy Lifting Holding Limited. Following signing and completion, after close of business on 10 March 2017 , Seaway Heavy Lifting and its subsidiaries became wholly -owned by Subsea 7.
As a result of the acquisition, Seaway Heavy Lifting has become a wholly -owned subsidiary of the Group. The Group paid cash consideration of USD 279 million on completion and an additional consideration of up to USD 40 million will be paid in 2021 on the condition that certain performance targets are met.
Seaway Heavy Lifting is a specialist offshore contractor and operates two world-class heavy lift vessels. It employs 550 people and is headquartered in the Netherlands. Prior to the acquisition, Seaway Heavy Lifting was a joint venture company in which the Group held a 50% interest. As at 31 December 2016 the consolidated balance sheet of Seaway Heavy Lifting reflected net assets of USD 392 million, including net cash of USD 62 million. As at 31 December 2016 Seaway Heavy Lifting had $284 million of order backlog, excluding $1.1 billion relating to the Beatrice offshore wind farm project, which is already included in the reported order backlog of the Group.
Subsea 7 S.A. is a leading global contractor in seabed -to-surface engineering, construction and services to the offshore energy industry.