Subsea 7 agreement to acquire Normand Oceanic
Luxembourg – 18 October 2017 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Group) today announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA for a nominal cash consideration.
Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party. The Group will assume all obligations related to an outstanding loan of approximately $100 million. Normand Oceanic AS and Normand Oceanic Chartering AS will become wholly-owned subsidiaries of the Group.
Jean Cahuzac, CEO, said “Our agreement to acquire Normand Oceanic reflects our strategy to own high-specification vessels that differentiate our market leading engineering and construction services to the offshore energy industry. We are focused on actively managing our fleet composition to meet our clients’ requirements and market conditions.”
Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments.
Subsea 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355.