On July 1st 2016, Baltic Offshore AB optioned to acquire 45% of Seaworks Kabel AS from GT Sea AS and Hokland Invest AS. The transaction is now completed.

Founded in 2006, Baltic Offshore is today one of the leading entrepreneurs in the Baltic area with the vessels, equipment and organization to undertake almost all submarine cable projects in offshore, inshore, in lakes and rivers.

Seaworks Kabel AS mainly operates in submarine cable laying in Norwegian shallow waters. Seaworks Kabel AS is after the transaction owned by Baltic Offshore AB (45%), Seaworks Group (45%) and Hokland Invest (10%).

The acquisition will give Baltic Offshore access to the Norwegian market, as well as the ability for higher capacity utilization between the countries. The acquisition will also make Baltic Offshore the regional market leader in submarine cable laying in shallow waters.

Synergos acted as financial advisor to GT Sea AS and Hokland Invest AS.