UK player Subsea 7 has acquired the remaining interest it did not already own in Netherlands-based oil and gas and renewable energy offshore group Seaway Heavy Lifting.
Under the deal with K&S Baltic Offshore, Subsea 7 bought 50% of Seaway, turning the contractor into a wholly-owned subsidiary.
Subsea 7 paid cash consideration of $279 million for the acquisition and is due to make an additional payment of up to $40 million in 2021 on the condition that certain performance targets are met.
