Subsea 7 and OHT form new renewables player

摘要

OFFSHORE contractor Subsea 7 is merging its renewables business with fellow Oslo-listed company OHT to create a "pure-play renewables company" focused on off-shore fixed wind installations. The new Seaway 7 entity will provide a range of standalone, integrated or engineering, procurement construction and installation offerings encompassing the installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport. Subsea 7 will provide financial support for Seaway 7's working capital requirements, while it is expected future capital expenditure will be met through operating cash flows and, if required, new debt facilities that may be supported by Subsea 7. As of 31 March, Subsea 7 had a renewables backlog of $1.8 billion, while OHT's renewables backlog stood at $150 million.