Subsea 7 has announced that it has entered into an agreement to acquire a majority interest in the equity of Nautilus Floating Solutions S.L., a developer of technology for the floating wind market based in Bilbao, Spain.
The company said it will acquire a controlling interest of 59.12 percent in Nautilus and will assume four of the seven positions on Nautilus’ board of directors. Tecnalia – a research and technological development center in Europe and Vicinay – a designer, manufacturer, and supplier of mooring systems for the oil and gas and floating wind industries, will remain shareholders of Nautilus with equity interests of 29.14 percent and 11.74 percent, respectively.
Subsea 7 noted that it and Nautilus will collaborate closely with Seaway 7 ASA, a recently announced combination of Subsea 7’s fixed wind activities and OHT ASA, to ensure aligned client engagement and that the capabilities within the broader group are fully leveraged. Nautilus has developed a promising concept for a floating wind foundation based on a semi-submersible steel structure that supports a centrally placed wind turbine, according to Subsea 7, which said it will provide technical expertise, and engineering and project management capabilities, to support the advancement of the design.
“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,” John Evans, the chief executive officer of Subsea 7, said in a company statement.
“Involvement at an early stage allows the development of this concept to benefit from our technical know-how, experience in delivering EPCI projects, and to maximize the value creation opportunity for our clients and shareholders,” he added.
“Following the agreements with OHT ASA in offshore fixed wind, and with Simply Blue Energy in floating wind, this is another step in the realization of the group’s strategy to proactively participate in the energy transition,” Evans went on to say.
Last month, Subsea 7 announced an agreement to combine its renewables business unit with OHT ASA to create a listed, pure-play renewables company focused on offshore fixed wind. The combination is subject to customary approvals, conditions, and relevant employee consultations, Subsea 7 highlighted. Back in March, Subsea 7 revealed that it had joined forces with Irish blue economy developer Simply Blue Energy to develop the Salamander floating wind project off the North East Coast of Scotland.
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