The Subsea7-SLB-Aker Solutions offshore tie-up is officially in operation.
Creation of the OneSubsea joint venture — which includes SLB and Aker Solutions’ subsea businesses — closed on Monday, the three companies announced.
“OneSubsea’s extensive technology portfolio and engineering expertise enables us to address future market trends and needs at a unique scale,” said OneSubsea chief executive Mads Hjelmeland.
“In doing so, we aim to fulfil our purpose of expanding the frontiers of subsea to drive a sustainable energy future. We will accelerate innovation and contribute to the ambition of our customers to optimise their production and reduce emissions in their subsea operations.”
The joint venture intends to help its oil and gas customers drill oil faster, with lower development costs while easing decarbonisation efforts.
OneSubsea will be headquartered in both Oslo and Houston and will have 11,000 employees.
SLB is the majority shareholder with a 70% stake in the outfit, with Aker Solutions on 20% and Kristian Siem-backed Subsea 7 on 10%, in exchange for a cash consideration of $307m paid in two equal instalments this year and next.
Subsea 7 chief executive John Evans said the company is at the start of a prolonged upcycle in the offshore sector thanks to rising energy demand.
“Our market-leading position is reinforced by the partnership with SLB and Aker Solutions in the OneSubsea joint venture and through Subsea Integration Alliance,” he said.
“We look forward to deepening the relationship with our clients as we work together to optimise value creation and deliver the world’s lower-carbon energy needs.”
