Yahoo Finance Subsea7 (SUBCY) Secures Two Offshore Wind Projects in Poland
Subsea7’s SUBCY subsidiary Seaway7 has secured two new contracts in the emerging Polish offshore wind markets. The first contract has been awarded by Equinor and its partner Polenergia, while the second one has been bestowed by PGE Polska Grupa Energetyczna and Ørsted.
The first contract involves work for the inter-array cables of the MFW Baltyk II and MFW Baltyk III bottom-fixed offshore wind projects. Per the terms of the agreement, Seaway7 will be responsible for carrying out engineering, procurement, construction and installation (EPCI) of 100 66kV inter-array cables, which measure approximately 200 km in length. The projects will be carried out in the Polish part of the Baltic Sea, with the offshore works expected to begin in 2026.
The contract value lies in the range of $150-$300 million. Both projects will be executed in continuous campaigns.
MFW Baltyk II and MFW Baltyk III are 50-50 joint ventures between Equinor and Polenergia, which collectively boast a total installed capacity of 1.44 GW. Per the company’s statement, these two projects are among the largest and most advanced offshore wind farm projects being developed in Poland.
The second contract entails the transportation and installation of four substations for the Baltica 2 wind farm. According to the company, the contract value lies in the range of $50-$150 million. The project involves the utilization of Seaway7’s heavy lift and transportation vessels to carry out the offshore activities, which are expected to commence in 2026.
Baltica 2 is a joint venture between PGE Polska Grupa Energetyczna and Ørsted, with both holding equal stakes. The wind farm will be located at the Polish part of the Baltic Sea, with its closest point being 40 kilometers away from the shore, boasting a capacity of around 1.5 GW.
Seaway7, a subsidiary of SUBCY, expressed its enthusiasm for being part of the emerging market for offshore wind in Poland. The company also highlighted its long-standing partnership with Equinor and its commitment to supporting EQNR on its energy transition journey with the project.
Following the second contract, Seaway7 has planned to enhance its long-term relationship with Ørsted by supporting its offshore wind project.
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Currently, SUBCY holds a Zacks Rank #3 (Hold).
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