Subsea 7 is to integrate its renewable energy division into its 50% owned joint venture, Seaway Heavy Lifting (SHL). The goal is to lever Subsea 7's engineering and project management expertise, broaden its service offering and target larger projects.
The companies have identified growing demand from clients for contractors that can provide a wider range of services. The consolidation should allow SHL to more easily meet this demand. The move also aligns with the trend towards the development of larger offshore wind projects in UK, German and other waters.
Subsea 7 established its renewable energy division in 2011 to target the growing European offshore wind market. It joined forces with global contractor Bechtel in October to offer developers an "end-to-end" service.
SHL is an independent offshore installation contractor with experience in the oil and gas and offshore wind sectors. It operates the installation vessels Stanislav Yudin and Oleg Strashnov. Its has worked on several projects including the 504MW Greater Gabbard and 317MW Sheringham Shoal offshore wind farms in the UK. Recently, it has also been involved with the Riffgat and Borkum West 2 projects in the German North Sea and the Gwynt-y-Môr project off north Wales.
As a result of the reorganisation, SHL's chief executive officer, Martin Spaans, is to leave the company. Jan Willem van der Graaf, Subsea 7’s senior vice president renewable energy, becomes the new CEO of SHL. Subsea 7's vice president for renewables, Bob Dunsmore, will also join the SHL management team.
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