Subsea 7 S.A. (OB:SUBC) entered into an agreement to acquire a 21.52% stake in Seaway 7 ASA from Songa Capital AS, West Coast Invest AS and Lotus Marine AS for NOK 1.2 billion.

Subsea 7 S.A. (OB:SUBC) entered into an agreement to acquire a 21.52% stake in Seaway 7 ASA from Songa Capital AS, West Coast Invest AS and Lotus Marine AS for NOK 1.2 billion 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. (OB : SUBC) made an offer to acquire additional 6.06% stake in Seaway 7 ASA (OB : SEAW7) from Rune Magnus Lundetræ and other shareholders.

The transaction is expected to close by March. 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.