Oslo-listed service provider Subsea 7 has struck a deal to acquire a majority stake in Spanish floating wind technology developer Nautilus Floating Solutions.
Subsea 7 confirmed it would be acquiring a 59.12% stake in Nautilus and assuming four of the seven positions on the Nautilus board. A Subsea 7 spokesperson confirmed to Upstream the company would not be disclosing the financial details of the deal.
Subsea 7 did confirm in Monday’s statement that European research and technology development centre Tecnalia, as well as mooring system supplier Vicinay would remain shareholders of Nautilus, with equity interests of 29.14% and 11.74% respectively.
The company said Nautilus would remain an autonomous company that will benefit from Subsea 7's support in upcoming bids with “key clients” in the floating wind industry.
Nautilus has developed a concept for a floating wind foundation based on a semi-submersible steel structure that supports a centrally placed wind turbine and is moored by a conventional catenary mooring system of four legs.
Nautilus claims its four-column design with a ring pontoon is a well-known structure concept in the oil and gas industry and can maximise energy production of large wind turbines while limiting expensive offshore integration and maintenance procedures.
Subsea 7 said it would provide Nautilus with technical expertise along with engineering and project management capabilities to support the advancement of the design, with plans for the concept to be included in tenders for demonstrator or pilot projects as early as this year.
“The agreement with Nautilus represents an exciting opportunity for Subsea 7 to further our involvement in the technology being developed for the floating wind market,” said Subsea 7 chief executive John Evans.
“Involvement at an early stage allows the development of this concept to benefit from our technical know-how, experience in delivering EPCI (engineering, procurement, construction and installation) projects, and to maximise the value creation opportunity for our clients and shareholders.”
Subsea 7 stated it intends to engage with other technology providers to support client, regional or supply chain specificities, with Nautilus to also work closely with Seaway 7, which was recently created through the merger of Subsea 7’s renewable business and Norway’s OHT.
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