Subsea 7 has announced that it has entered into an agreement to acquire a majority interest in the equity of 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 provide technical expertise, and engineering and project management capabilities, to 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 will assume four of the seven positions on Nautilus’ Board of Directors. Tecnalia and Vicinay 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 of Spain.
