Additionally, Subsea will also pay up to $40m to K&S Baltic Offshore in 2021, based on the achievement of certain performance targets.

Seaway Heavy Lifting was previously a joint venture of Subsea 7 and K&S Baltic Offshore with the firms holding a 50% stake each.

Headquartered in the Netherlands, Seaway is a specialist offshore contractor which operates two heavy lift vessels and has a workforce of 550 people.

Subsea 7 CEO Jean Cahuzac said: “Our investment to acquire the remaining shares in Seaway Heavy Lifting, such that it becomes a wholly-owned subsidiary of our Group, is aligned with our strategy to grow and strengthen our business for the long-term.

“Consolidating Seaway Heavy Lifting into the Group increases our participation in Renewables, Heavy Lifting and Decommissioning services. These are areas where we expect market activity to increase and see potential to grow our market share.”

According to Subsea 7, revenues and net operating income generated from Seaway will be reported under a new business unit named as Renewables and Heavy Lifting.

The new reporting structure of the company will be included in the group’s first quarter results which are slated to be announced in late April.

Based in London, Subsea 7 provides subsea engineering, construction and services to the offshore energy industry. In late February, Subsea 7 won a contract from Cooper Energy related to the Sole Development Project in offshore Victoria, Australia.