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Subsea 7 S.A. consolidates renewable energy division into SHL

Wednesday, Jan 09, 2013

Subsea 7 S.A. (Oslo Børs: SUBC) today announced that it is to consolidate its Renewable Energy Division into its 50% owned joint venture Seaway Heavy Lifting (SHL). The consolidation will rationalise Subsea 7’s offering to the renewables market, and enable SHL to leverage Subsea 7’s engineering and project management expertise to broaden its range of services and target larger projects.

Subsea 7 established its Renewable Energy Division in 2011, principally targeting offshore wind projects in Europe. SHL has established a track record of successfully delivering offshore wind installation projects including the Greater Gabbard, Sheringham Shoal and Gwynt-y-Mor projects offshore UK, and the Riffgat and Borkum West II projects offshore Germany.

Subsea 7’s Chief Executive Officer, Jean Cahuzac said: "The combination of Subsea 7’s engineering, project management and offshore delivery expertise with SHL’s existing capability in transport and installation of marine structures will create a company with the resources to better compete in the growing offshore renewables sector. We look forward to demonstrating how this new combination can deliver an extended offering to clients in a safe and cost effective way."

About Seaway Heavy Lifting (SHL)

Seaway Heavy Lifting (SHL), founded in 1992, is an independent offshore installation contractor with experience in the transport, installation and removal of offshore oil & gas platforms, subsea structures and the installation of wind foundation structures, monopiles and substations. SHL operates crane vessels ‘Stanislav Yudin’ and ‘Oleg Strashnov’, with a revolving lift capacity of 2,500mt and 5,000mt respectively.

SHL is known and respected throughout the industry for its reliability and the successful and safe execution of offshore projects. Subsea 7 has been a shareholder in the SHL business for 20 years.

SHL has offices in Cyprus, The Netherlands and Germany and has its main operational office in Zoetermeer.

Source: Subsea 7 S.A.

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