Subsea 7 Makes Seaway Offer
Subsea 7 has made an offer to acquire the remaining 50% stake in Seaway Heavy Lifting from K&S Baltic Offshore.
Subsea 7 is offering an initial consideration of $279 million on completion and deferred consideration of up to $40 million to be paid by the end of first-quarter 2021 on the condition that certain performance targets are met. The considerations will be funded from Subsea 7’s existing cash resources.
“The terms of the offer are binding on Subsea 7 until July 1. During this period the Works Council representing the employees of Seaway Heavy Lifting in the Netherlands will be consulted in compliance with Dutch law,” Subsea 7 said.