Subsea 7 has struck a deal to buy a majority interest in Nautilus Floating Solutions, a developer of technology for the floating wind market based in Bilbao, Spain.
Nautilus has developed a concept for a floating wind foundation based on a semi-submersible steel structure that supports a centrally-placed wind turbine.
Subsea 7 will support the advancement of this design and it is envisaged that the concept will be included in tenders for demonstrator or pilot projects in 2021 and beyond.
Subsea 7 will acquire a controlling interest of 59.12% in Nautilus and assume four of the seven positions on Nautilus’ board.
Tecnalia, a research and development centre, and Vicinay, a supplier of mooring systems, will remain shareholders of Nautilus with equity interests of 29.14% and 11.74% respectively.
Nautilus will remain an autonomous company with strong roots in the Basque Country.
It will benefit from the support of Subsea 7 in various upcoming bids with key clients in the floating wind industry.
Subsea 7 and Nautilus will collaborate closely with Seaway 7, the recently announced combination of Subsea 7’s fixed wind activities and OHT, to ensure aligned client engagement and that the capabilities within the broader group are fully leveraged.
Subsea 7 chief executive John Evans said: “The agreement with Nautilus represents an exciting opportunity for Subsea 7 to further our involvement in the technology being developed for the floating wind market.
“Involvement at an early stage allows the development of this concept to benefit from our technical know-how, experience in delivering EPCI projects, and to maximise the value creation opportunity for our clients and shareholders.
“Following the agreements with OHT ASA in offshore fixed wind, and with Simply Blue Energy in floating wind, this is another step in the realisation of the group’s strategy to proactively participate in the energy transition.”