Subsea 7 S.A. said Nov. 5 that Seaway7, part of its group, agreed to sell its heavy transportation business to HEA Energy. Subsea7 classified the deal as a permitted divestment under its proposed merger agreement with Saipem and said it will trigger a previously approved €105 million special dividend for shareholders.
The announced payout is set against a sale whose value remains undisclosed. The companies have not disclosed the sale price or cash consideration, leaving the proceeds and purchase outlay unknown.
The business covers six open-deck semi-submersible vessels. Five are owned vessels and one is chartered from a third party. Subsea7’s 2025 annual report lists six heavy transportation vessels in its Renewables fleet. Seaway7’s 2024 transparency report describes heavy transportation as dry transportation for the renewable sector.
Subsea7 shareholders approved the €105 million distribution at an extraordinary general meeting on Sept. 25, 2025. The company’s 2025 results put its approximate value at NOK 4.15 per share. Payment is due at whichever comes first: the sale’s completion or the day before the proposed merger with Saipem takes effect.
Subsea7 said processing and distributing the funds could take up to two weeks. The announcement gives a payment trigger rather than a fixed calendar date, with no exact closing date for the sale or effective date for the merger.
The sale is expected to close in the first half of 2027, subject to closing conditions and any applicable regulatory approvals.
