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Subsea7 announces final closing of joint venture with SLB and Aker Solutions

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Oilfield Technology,

Subsea7 has announced the final closing of the previously announced joint venture with SLB and Aker Solutions. The new business, which will adopt the OneSubsea name, will drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time.

OneSubsea now comprises SLB’s and Aker Solutions’ subsea businesses, which include a complementary subsea production and processing technology portfolio, efficient manufacturing scale and capacity, access to reservoir and digital domain expertise, pore-to-process integration capabilities and strengthened R&D capabilities.

OneSubsea’s unique compression technology portfolio has proven its potential to reduce the structure and capital cost of developing new energy reserves, while subsea projects have shown to be inherently more carbon efficient than topside solutions.

OneSubsea will be headquartered in Oslo, Norway, and Houston, Texas, with 11 000 people working in all key operating regions around the world.

SLB holds a 70% equity stake in the joint venture, with Aker Solutions holding 20%. Subsea7 holds 10% of the joint venture, in exchange for a cash consideration of US$306.5 million paid in two equal instalments in 2023 and 2024.

Mads Hjelmeland, CEO of OneSubsea said “OneSubsea’s extensive technology portfolio and engineering expertise enable us to address future market trends and needs at a unique scale. 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.”

John Evans, CEO of Subsea7 said, “Subsea7 is in the early stages of a prolonged upcycle driven by the continued growth of the world’s energy demand, combined with compelling competitive dynamics of the subsea industry. Our market-leading position is reinforced by the partnership with SLB and Aker Solutions in the OneSubsea joint venture and through Subsea Integration Alliance. We look forward to deepening the relationship with our clients as we work together to optimise value creation and deliver the lower-carbon energy the world needs.”

Olivier Le Peuch, CEO of SLB said, “The offshore market is demonstrating a sustained resurgence as operators across the world look to accelerate development cycle times and increase the productivity of their offshore assets. With its combined technology portfolio that leverages digital innovation, OneSubsea is ideally placed to support customers in their drive to improve asset performance while increasing energy efficiency and reducing CO2 emissions.”

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