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Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande

Kalender

2024-02-29 Bokslutskommuniké 2023
2023-11-16 Kvartalsrapport 2023-Q3
2023-07-26 Kvartalsrapport 2023-Q2
2023-05-12 15-6 2023
2023-04-27 Kvartalsrapport 2023-Q1
2023-04-17 Ordinarie utdelning SEAW7 0.00 NOK
2023-04-14 Årsstämma 2023
2023-03-02 Bokslutskommuniké 2022
2022-11-17 Kvartalsrapport 2022-Q3
2022-10-06 Extra Bolagsstämma 2022
2022-07-28 Kvartalsrapport 2022-Q2
2022-04-28 Kvartalsrapport 2022-Q1
2022-04-11 Ordinarie utdelning SEAW7 0.00 NOK
2022-04-08 Årsstämma 2022
2022-03-03 Bokslutskommuniké 2021
2021-11-17 Kvartalsrapport 2021-Q3
2021-09-30 Extra Bolagsstämma 2021
2021-08-27 Kvartalsrapport 2021-Q2
2021-05-28 Kvartalsrapport 2021-Q1
2021-05-21 Ordinarie utdelning SEAW7 0.00 NOK
2021-05-20 Årsstämma 2021
2021-02-25 Bokslutskommuniké 2020
2020-11-13 Kvartalsrapport 2020-Q3

Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorTjänster
IndustriShipping & Offshore
Seaway 7 är verksamma inom transportbranschen. Bolaget är specialiserade inom hantering och transport av tyngre material. Särskilt affärsfokus återfinns inom den maritima sektorn, där bolaget erbjuder transportlösning för större projekt som sker ute till havs. Störst verksamhet återfinns inom den nordiska marknaden, där kunderna återfinns inom olje- och gassektorn. Bolaget har sitt huvudkontor i Oslo.
2022-09-09 19:27:17
Not for release, publication or distribution, directly or indirectly, in Canada,
Japan, Australia or the United States, or any other jurisdiction in which such
release, publication or distribution would be unlawful. This announcement does
not constitute an offer of any of the securities described herein.

Oslo - 09 September 2022 - Seaway 7 ASA (Euronext Growth: SEAW7) - Reference is
made to the second quarter 2022 earnings presentation from Seaway 7 ASA ("Seaway
7", or the "Company") in which the Company stated it would present an updated
financing plan during the third quarter 2022.

The financing plan set out below provides the Company with the committed funding
required to complete the new build vessel programme and supports the future
anticipated working capital needs of the Company.

Funding requirement
The Company currently has two significant newbuild vessels under construction,
Seaway Alfa Lift and Seaway Ventus representing the primary capital expenditure
planned for the coming years. Both vessels are anticipated to be delivered
during 2023 and to enter operations in the first half of 2024. Delivery
payments on these vessels are anticipated to represent the peak funding need of
the Company.

In addition to the newbuild vessels, the capital expenditure forecast also
allows for potential upgrades and new enabling equipment on other vessels within
the fleet as well as usual dry docks. The total capital expenditure forecast
from Q3 2022 through to the completion of the newbuild program totals USD 550
million.

In addition to funding the above committed and potential capital expenditure,
the Company is arranging an additional USD 100 million in committed funding
capacity to cater for unplanned working capital needs. This brings the planned
total committed funding to USD 650 million.

Committed Funding
The Company's anticipated peak financing requirement of USD 650 million is
planned to be met by the following:
(i) A fully underwritten rights issue to raise gross proceeds of approximately
USD 200 million (see below for more details). The Company has received
commitments from the Company's three largest shareholders to fully underwrite
the contemplated rights issue in proportion to their current shareholdings in
Seaway 7.
(ii) A USD 300 million Revolving Credit Facility to be provided by a syndicate
of banks. Such committed debt facility from a syndicate of banks would be
drawable on the successful completion of the contemplated rights issue. This
facility will be guaranteed by Subsea 7 S.A. ("Subsea7") and is priced on an
arms-length basis.
(iii) A USD 150 million Shareholder Revolving Credit Facility, to be provided by
Subsea7, and drawable only if Seaway 7 fully draws upon the USD 300 million
Revolving Credit Facility. The Company expects that this bridge finance facility
will be replaced by alternative core debt financing prior to being drawn down.

The debt facilities have been arranged on arms-length terms reflecting the
support from the Company's largest shareholder with interest approximately 4%
over the USD secured overnight financing rate. Both debt facilities will be
fully committed ahead of the contemplated rights issue with drawdown dependent
on the successful completion of the rights issue.

Underwritten rights issue
The board of directors of Seaway 7 (the "Board") has resolved to propose that
the Company carries out a share capital increase, by way of a fully underwritten
rights issue, to raise gross proceeds corresponding to the NOK equivalent of
approximately USD 200 million (the "Rights Issue"). The final NOK amount to be
raised in the Rights Issue (the "Total Subscription Amount") will be determined
by the Board on the last trading date prior to the date of the EGM (defined
below).

The net proceeds from the Rights Issue will be used in the funding of the
Company's newbuild vessels, Seaway Alfa Lift and Seaway Ventus.

The proposed Rights Issue is subject to approval by the Company's shareholders
at an extraordinary general meeting (the "EGM") in the Company expected to be
held early Q4 2022.

The Rights Issue is underwritten by the Company's three largest shareholders,
Subsea7, Songa and Lotus Marine in accordance with an underwriting agreement
dated 09 September 2022 (the "Underwriting Agreement"). Pursuant to, and subject
to the terms and conditions set out in the Underwriting Agreement, the
underwriters (jointly, the "Underwriters") have undertaken to vote their shares
in favour of the Rights Issue and to guarantee on a pro rata basis (not jointly)
in proportion to their current shareholding in the Company subscription of the
shares offered in the Rights Issue, with a total underwritten amount
corresponding to the NOK equivalent of approximately USD 200 million. Subsea7,
Songa and Lotus Marine currently hold 72.00%, 14.32% and 7.16%, respectively, of
the shares in Seaway 7. The Underwriters are entitled to an underwriting fee of
1.5% of their respective underwriting obligation.

Pursuant to the Underwriting Agreement, the subscription price in the Rights
Issue is proposed by the Board to be the theoretical ex rights price (TERP),
based on the volume-weighted average price ("VWAP") of the Company's shares on
Euronext Growth Oslo ("Growth") in the 30-day period prior to the date of this
Agreement or the VWAP of the Company's shares on Growth in the 30-day period
ending two trading days prior to the date of the EGM if lower, less a discount
of approximately 28%. The total subscription amount, the final subscription
price, the number of new shares to be issued in the Rights Issue and the total
amount of the share capital increase, will be announced through a stock exchange
announcement at the last trading date prior to the date of the EGM and will be
reflected in the final proposed resolution to the EGM.

In connection with the Rights Issue, a prospectus is being prepared by the
Company, which is subject to approval by the Financial Supervisory Authority in
Norway (the "NFSA"). The prospectus will be published prior to the commencement
of the subscription period and will form the basis for subscriptions in the
Right Issue.

Pursuant to Section 10-4 of the Norwegian Public Limited Liability Companies
Act, the shareholders of the Company at the day of the EGM (as registered in the
Company's shareholder register in VPS two trading days thereafter (the "Record
Date")), and who are not resident in a jurisdiction where such offering would be
unlawful or, would (in jurisdictions other than Norway) require any prospectus,
filing, registration or similar action, will be granted a preferential right to
subscribe for and be allocated the new shares in proportion to the number of
shares in the Company they own as of the Record Date (the "Existing
Shareholding"), and will receive subscription rights proportionate to their
Existing Shareholding. The Company expects to apply for admission to trading of
the subscription rights on Euronext Growth Oslo.

A further description of the Rights Issue and of other circumstances that must
be considered upon subscription of shares in the Rights Issue will be included
in the prospectus for the Rights Issue, which will be published no later than at
the commencement of the subscription period and that will constitute the
subscription material for the offering.

Corporate finance outlook and market prospects
On a fully invested basis, the mix of equity and debt in the financing plan
outlined above enables the Company to achieve a balance between debt and equity
funding at an attractive cost of capital

The Company is currently experiencing strong market demand for its services
driven by the energy transition and energy security considerations. The
increased demand is enabling a repositioning of the contractual risk / reward
balance for contractors such as Seaway 7 and the Company believes it is well
positioned to win its fair share of installation contracts, both with its
existing fleet and with its two newbuild vessels, Seaway Alfa Lift and Seaway
Ventus.

With the newbuilds delivered, market demand increasing and with a more
sustainable contractual risk / reward balance in place with the Company's
clients, we anticipate strong financial performance which will form the basis
for a long-term conservative leverage ratio.


For further information, please contact:
Mark Hodgkinson
ir@seaway7.com

About Seaway 7
Seaway 7 is a global leader in the delivery of fixed offshore wind projects,
committed to contributing to an efficient and sustainable energy supply for the
future.

Seaway 7 is listed on Oslo's Euronext Growth (SEAW7).


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Stian Lysaker, Treasurer in Seaway 7 ASA, at the
date and time as set out above.

IMPORTANT NOTICE
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
information contained in this announcement is for informational purposes only
and does not purport to be full or complete. Copies of this announcement are not
being made and may not be distributed or sent into any jurisdiction in which
such distribution would be unlawful or would require registration or other
measures. Any offering of the securities referred to in this announcement will
be made by means of a prospectus approved by the Financial Supervisory Authority
of Norway and published by the Company. Investors should not subscribe for any
securities referred to in this announcement except on the basis of information
contained in the aforementioned prospectus.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area, other than Norway, which has
implemented the Prospectus Regulation (EU)(2017/1129, as amended, the Prospectus
Regulation") (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Regulation, as implemented in that Relevant
Member State, from the requirement to publish a prospectus for offers of
securities. Accordingly any person making or intending to make any offer in that
Relevant Member State of securities which are the subject of the offering
contemplated in this announcement, may only do so in circumstances in which no
obligation arises for the Company to publish a prospectus pursuant to Article 3
of the Prospectus Regulation or supplement a prospectus pursuant to Article 16
of the Prospectus Regulation, in each case, in relation to such offer. The
Company has not authorised, nor does it authorise, the making of any offer of
securities in circumstances in which an obligation arises for the Company to
publish or supplement a prospectus for such offer.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. These statements relate to our current expectations, beliefs,
intentions, assumptions or strategies regarding the future and are subject to
known and unknown risks that could cause actual results, performance or events
to differ materially from those expressed or implied in these statements.
Forward-looking statements may be identified by the use of words such as
'anticipate', 'believe', 'estimate', 'expect', 'future', 'goal', 'intend',
'likely' 'may', 'plan', 'project', 'seek', 'should', 'strategy' 'will', and
similar expressions. The principal risks which could affect future operations of
the Group are described in the 'Risk' section of the Group's Annual Report.
Factors that may cause actual and future results and trends to differ materially
from our forward-looking statements include (but are not limited to): (i) our
ability to deliver fixed price projects in accordance with client expectations
and within the parameters of our bids, and to avoid cost overruns