Subsea7 Strikes Deal to Sell Seaway7 Heavy Transport Unit to HEA Energy

(Credit: Seaway7)

Subsea7 has agreed to sell its Seaway7 heavy transportation business, comprising six semi-submersible vessels, to HEA Energy in a transaction linked to its proposed merger with Saipem.

The sale covers six open-deck semi-submersible heavy transportation vessels, five of which are owned and one chartered from a third party.

According to the Seaway7’s fleet information, the six heavy transportation vessels include Seaway Albatross Seaway Eagle, Seaway Falcon, Seaway Hawk, Seaway Osprey, and Seaway Swan.

The transaction remains subject to closing conditions, including applicable regulatory approvals, with completion expected in the first half of 2027.

Subsea7 said the commercial terms of the agreement, including the cash consideration, would remain confidential.

The divestment constitutes the permitted business sale referenced in Subsea7's merger agreement with Saipem and will trigger a special dividend of $ €105 million, previously approved at an extraordinary general meeting on September 25, 2025.

The dividend will be paid at the earlier of the transaction's completion or the date immediately preceding the effective date of the proposed merger with Saipem.

Subsea7 said processing and distributing the dividend funds could take up to two weeks.