Kristian Siem’s huge oil and gas contracting company Subsea 7 is taking its shipping spin-off Seaway 7 private in a $114m deal.

The offshore wind and heavylift company was formed in 2021 out of the combination of the renewables division of Subsea 7 with Arne Blystad’s heavylift shipowner OHT.

But Seaway 7 has been hit by delays to one of its new wind turbine installation vessels (WTIVs) and had to be recapitalised last year.