Subsea 7 to buy into floating offshore wind specialist

Offshore contractor Subsea 7 has agreed to acquire a 59.12% interest in Nautilus Floating Solutions, a Spanish developer of floating wind platforms. It will also assume four of the seven positions on Nautilus’ board.

Nautilus has developed a semi-submersible steel structure to support a centrally-placed turbine. Subsea 7 will provide technical expertise and engineering and project management capabilities to support its advancement.

The deal will help Subsea 7 in upcoming tenders for demonstration and pilot floating offshore wind projects, the contractor explained.

Neither party has disclosed how much was paid for the stake, but the deal is due to close in the third quarter of 2021.

Tecnalia, a Spanish research and technological development centre, will continue to hold a 29.14% stake in Nautilus, while Vicinay, a designer, manufacturer and supplier of mooring systems for oil and gas and floating offshore wind sectors, will hold 11.74%.

The deal does not affect an earlier memorandum of understanding that Subsea 7 and project developer Simply Blue Energy signed with floating platform designer Ocergy, a Subsea 7 spokeswoman confirmed.