Subsea 7 S.A. (OB : SUBC) made an offer to acquire additional 6.06% stake in Seaway 7 ASA (OB : SEAW7) from Rune Magnus Lundetræ and other shareholders on March 2, 2023. The consideration will be paid in the form of 1 new share in Subsea 7 for every 22 shares in Seaway. In a related transaction, Subsea 7 S.A. entered into agreement to acquire additional 21.52% stake in Seaway 7 ASA from Songa Capital AS, West Coast Invest AS and Lotus Marine AS on March 2, 2023. Following completion of the transaction for 21.52% stake, the Subsea 7 will own 93.94% share capital of Seaway. Subsea 7 will be in a position to effect a compulsory acquisition of the remaining Seaway shares, for which Subsea 7 has resolved to put forward a voluntary exchange offer to acquire the remaining 6.06% shares in Seaway. Subsea 7 following completion of the offer, will use its right to initiate a compulsory acquisition (squeeze-out) of the remaining Seaway shares not tendered in the offer. Rune Magnus Lundetræ, the chairman of the Board of directors of Seaway has informed Subsea 7 that he intends to tender his shares in Seaway in the offer. The offer will not contain any conditions. The acceptance period for the Offer will expire today April 14, 2023. The offer period is expected to commence on March 13, 2023, and to end on April 14, 2023.

Fearnley Securities AS acted as receiving agent and Advokatfirmaet Wiersholm AS acted as legal advisor to Subsea 7. Wikborg Rein Advokatfirma AS acted as legal advisor to Seaway.

Subsea 7 S.A. (OB:SUBC) completed the acquisition of remaining 6.06% stake in Seaway 7 ASA (OB : SEAW7) from Rune Magnus Lundetræ and other shareholders on April 19, 2023. The offeror intends to complete a compulsory acquisition of the remaining shares in Seaway 7.