Seaway 7 has scored a deal to lay cable in US waters for an offshore wind project, marking the company’s second deal in the burgeoning market.
The Oslo Euronext-listed offshore wind project contract said its vessels will transport and instal inner-array grid cables for the undisclosed project.
The company did not reveal the price tag for the deal, other than to say that it was a “sizeable” contract worth between $50m and $150m.
The award will see the outfit’s cable lay vessels install around 160 km of 66-kilovolt subsea power cables, along with their protective systems.
The deal will not be finalised until the client reaches financial close on the offshore wind project, which is expected by the end of 2022.
Seaway 7 was formed last year out of the combination of the renewables division of Kristian Siem’s Subsea 7 with heavylift shipowner OHT.
Its contract portfolio includes a deal struck by Subsea 7 with Orsted in 2018 to supply and install cable for Dominion Energy’s Coastal Virginia Offshore Wind Project.
In April, as Seaway 7 reported its first quarter earnings, the outfit pointed to eight projects in the US that it saw as “significant offshore wind prospects”.
At that time, the company said it had a project backlog of $1bn.
The US East Coast has become a hotbed of offshore wind project proposals as the administration of US President Joe Biden is pushing a goal of 30 GW of capacity by 2030.
