OHT chief executive Torgeir Ramstad said he is very much looking forward to completing the company's tie-up with Subsea 7's renewables division to kick-start a renewed focus on contracts for offshore wind farm ships.
The Arne Blystad-backed shipowner announced the merger in July. The deal will create a fleet of 12 ships, including newbuildings, under the Seaway 7 name and retain an Oslo Stock Exchange listing.
"Personally I have to say this is a marriage made in heaven," Ramstad told a conference call with analysts.
"The two companies are extremely complementary. We have very few overlaps, we share many of the same cultural aspects and there has been good dialogue in the integration planning."
Ramstad said that on 1 October the new entity can go live and work through "all the other activities we're not allowed to perform right now due to the ongoing anti-competition process".
Bidding simplified
OHT believes the union will create huge market synergies and avoid duplication.
This will be particularly important in bidding for offshore wind work from 2024, the company said.
Ramstad said Seaway 7 will be able to go to clients with a combined offer, or simply drop one of the previously competing bids from OHT or Subsea 7.
The merger is awaiting competition clearance in one unnamed country, but OHT chief financial officer Tom Jebsen told the call this should be achieved during September.
OHT has also promised to maintain discipline on bidding levels.
Ramstad said there are a "handful" of contracts that could be awarded before the end of September, but there are processes on the client side that change and activities that the company has no control over.
Another item on the agenda in October will be when or if to go ahead with an option for a second wind turbine installation vessel (WTIV) at China Merchants Industry Holdings.
The first ship, Vind 1, is due in 2023.
Option decision may take time
Asked for guidance on when a decision on a second ship might be taken, Ramstad said: "You need to give us a little bit of time after the Subsea 7 renewables combination."
He added that OHT has previously said it wants to see a client commitment for the first unit before pressing on with a second.
"I think we will stick with that," the CEO said. "We will take a very close look at that in the new management team in the combined company."
Ambitions hindered by red tape
Government ambitions for wind turbine farms continue to increase around the world, OHT believes.
But Ramstad said problems with permits, planning and the supply chain have not yet been solved.
And the WTIV supply situation also faces a "critical bottleneck", especially within monopile installation from 2024, with no international newbuildings having been announced in the last 22 months and long lead times for any new vessel ordering, he added.
"Both our newbuilds are available from the lucrative 2024 season and onwards," Ramstad said.
