Offshore contractor Subsea 7 is taking its renewables and heavy lift spin-off Seaway 7 private in a $114 million deal.

The transaction came on the same day as Subsea 7 reported improved financial results backed by its highest order intake in nearly a decade.

Seaway 7 was formed in 2021 out of the combination of the renewables division of Subsea 7 with Arne Blystad’s heavylift shipowner OHT.