Seaway 7 executive team named

Seaway 7 executive team named

The leadership team for Seaway 7, the joint venture between Subsea 7’s renewables business unit and OHT, has been proposed by the two partners. The two joint venture partners, noted that the proposed executive team will report to Stuart Fitzgerald, who has taken up the position of the chief executive officer of Seaway 7.

The two companies have said that Torgeir E. Ramstad, has been named the EVP Vessels and Offshore Resources, Steph McNeill, has been named as chief operating officer, Harke Jan Meek, was appointed as chief commercial officer, with Mark Hodgkinson, taking the role of chief financial officer.

It was previously announced that Seaway 7 will provide standalone, integrated or EPCI offerings. The encompass installation of wind turbines, foundations, offshore substations, submarine cables and heavy transport.

The company will have an active fleet of ten vessels and two further high-specification vessels under construction.

The offshore wind industry is a high-growth market that is expected to drive sustained, strong demand for the services of contractors. Between 2020 and 2030, the annual installation of wind power, measured in gigawatts, is anticipated to grow at a compound average rate above 20 percent.

While the foundation installation market is currently competitive, the markets for cable lay and turbine installation are more favorable. Installation capacity in all markets is expected to be absorbed by 2025. The market dynamic of all three sectors is expected to improve materially from 2025 onwards.

Seaway 7 ASA will leverage strengthened capabilities and a differentiated asset base to capture an increased share of this high-growth market and reinforce its position as a global leader in the offshore wind industry.

Looking ahead, with the financial and operational support of its parent company, Seaway 7 aims, if market conditions permit, to accelerate the expansion of its specialized fleet.

Author: Adnan Bajic

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