Subsea 7 has entered into an agreement to acquire a majority interest in Spanish floating foundation designer Nautilus Floating Solutions.
The London-listed marine contractor said it will provide technical expertise, and engineering and project management capabilities to support the advancement of a “promising concept” being pursued by the Bilbao outfit.
It is envisaged the concept, a floating wind foundation based on a semi-submersible steel structure that supports a centrally-placed wind turbine, will be included in tenders for demonstrator or pilot projects in 2021 and beyond.
Subsea 7 will acquire a controlling interest of 59.12% in Nautilus and will assume four of the seven positions on Nautilus’ Board of Directors.
Tecnalia1, the Research and Technological Development Centre in Europe and Vicinay2, a design, manufacturer, and supplier of mooring systems for the Oil & Gas and Floating Wind industries, will remain shareholders of Nautilus with equity interests of 29.14% and 11.74% respectively.
Nautilus will remain an autonomous company with strong roots in the Basque Country of Spain, added Subsea 7, which added it will also continue to engage with other technology providers to support client, regional or supply chain specificities.
Subsea 7 chief executive John Evans said: “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.
“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.”