- (PLX AI) - Subsea 7 is strengthening its position in floating offshore wind with its purchase of a majority stake in Nautilus, analysts at Kepler Cheuvreux said.
- • Subsea 7 to acquire 59% of Nautilus Floating Solutions, a developer of technology for the floating wind market based in Bilbao, Spain
- • Nautilus has developed a promising concept for a floating wind foundation based on a semi-submersible steel structure that supports a centrally-placed wind turbine, according to Subsea 7
- • Subsea 7 will provide technical expertise, and engineering and project management capabilities to support the advancement of this design to be included in tenders for demonstrator or pilot projects in 2021 and beyond
- • We estimate the cost of this acquisition at a few million dollars, Kepler said
- • Subsea 7 continues to strengthen its position in floating offshore wind, a business which will not be spun off into Seaway 7, Kepler said
- • Kepler rates Subsea 7 buy, with price target NOK 120
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