Subsea 7 to take lion's share in floating wind foundation developer Nautilus

Image by: Nautilus Floating Solution SL.

August 2 (Renewables Now) - Offshore contractor Subsea 7 SA (OSL:SUBC) said today it has agreed to buy a 59.12% stake in Nautilus Floating Solutions SL, a Spanish developer of floating wind foundations.

Bilbao-headquartered Nautilus is the developer of a concept for a floating wind foundation based on a semi-submersible steel structure that supports a centrally-placed wind turbine. Subsea 7 said it will support the firm in this initiative by offering technical expertise, engineering and project management capabilities to further advance the design process. The duo’s ultimate goal will be to bid in tenders for demonstrator or pilot projects in 2021 and beyond.

Following the acquisition, Subsea 7 will take four of the seven positions on Nautilus’ board of directors. Upon completion, the Spanish firm will be 29.14%-owned by research and technological development organisation Tecnalia, while the rest 11.74% will be held by mooring systems supplier Vicinay.

Nautilus will continue to operate as an autonomous company, according to the press statement.

“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,” commented John Evans, Subsea 7’s CEO.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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