HEA Energy, based in Abu Dhabi, has signed an agreement to acquire Subsea7's heavy transport business, adding six vessels to its marine fleet.
Deal Details
The deal includes the transfer of a business that consists of five semi-submersible vessels and one open-deck charter vessel. The vessels in this fleet include Seaway Eagle, Seaway Falcon, Seaway Hawk, Seaway Osprey, Seaway Albatross, and the charter vessel Seaway Swan. These vessels are designed to transport offshore wind foundations, infrastructure stations, drilling rigs, and other large cargoes with a loading capacity of up to 55,000 tons.
Read more: Recognition of Isfahan Oil Refinery for Crisis Management Performance
Background and Timeline
The financial details of the deal have not been disclosed, but Subsea7 has stated that the transaction is subject to customary closing conditions, including regulatory approvals. The deal is expected to be completed in the first half of 2027. This sale is part of permitted divestitures under Subsea7's merger agreement with the Italian contractor Saipem and will result in a special payment of €105 million to Subsea7 shareholders.
For HEA Energy, this acquisition represents another significant expansion in its rapidly growing marine vessel business in the Middle East and Europe. Founded in 2022 by Hassan Al Ali, the company is building and expanding its marine support and offshore wind maintenance fleet through new builds and acquisitions. As of September this year, the company has received 19 vessels and has 12 more under construction, with deliveries planned by 2027.
Continued Merger of Subsea7 and Saipem
This divestiture comes as Subsea7 and Saipem are advancing their merger agreement to create a new company named Saipem7. Brazil's competition authority issued a conditional approval for this combination on November 4, which requires the separate sale of the vessel Seven Borealis to address competitive concerns. This proposed merger, which has combined revenues of approximately €21 billion ($23.6 billion), is still facing regulatory scrutiny in Europe and Australia.
Read more: EnerMech Signs Pre-Commissioning Pipeline Services Contract with Chevron · Norwegian Consortium Prepares to Test Marine Nuclear Propulsion System
