Oslo-listed Subsea 7 appears to have just put a “foot in the door” for gaining control of bargain-priced subsea assets with its move to provide part of a $90m secured loan to Emas Chiyoda Subsea (ECS).
“Subsea 7’s investment could give it access or end up leading to something like McDermott’s super-cheap $52m purchase of a $350m ship that we saw last week,” said one industry source.
ECS
