Subsea 7 acquires a majority share in Nautilus

Subsea 7 said it will acquire a majority interest, 59.12 percent, in the equity of wind floating developer Nautilus based in Bilbao, Spain.

By acquiring the majority, Subsea7 will assume four of the seven positions on Nautilus’ Board of Directors.The company said they will provide technical expertise, and engineering and project management capabilities, to support the advancement of the technology.

"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 maximise the value creation opportunity for our clients and shareholders. Following the agreements with OHT ASA in offshore fixed wind, and with Simply Blue Energy in floating wind, this is another step in the realisation of the Group’s strategy to proactively participate in the Energy Transition," said John Evans, Chief Executive Officer, Subsea 7, in a statement.

Subsea 7 and Nautilus  said in a statement they will collaborate closely with Seaway 7 ASA.