Schlumberger's Competitors, Subsea 7 and Aker Solutions, Better Watch Out! The Global Giants Join Forces to Create an Underwater Engineering Company Promising to Reduce CO2 Emissions Offshore!

Schlumberger’s Competitors, Subsea 7 and Aker Solutions, Better Watch Out! The Global Giants Join Forces to Create an Underwater Engineering Company Promising to Reduce CO2 Emissions Offshore!

Written by Flavia Marinho

Published on 30/08/2022 at 17:01

Schlumberger, Aker Solutions e Subsea 7 anunciaram hoje um acordo para formar uma joint venture – Imagem Subsea 7

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Aker Will Receive US$ 700 Million in Cash and Stock from Schlumberger as Part of the Agreement, and Expects to Record US$ 1 Billion in Profit at Closing!

The American engineering company Schlumberger and Norway’s Aker Solutions, announced today an agreement to form a joint venture, merging their subsea oil and gas construction businesses and bringing a third rival, Oslo-listed Subsea 7, as a partner, the companies said.

The agreement will bring together a portfolio of innovative technologies, such as subsea gas compression, fully electric subsea production systems, and other electrification capabilities that help clients achieve their decarbonization goals.

“As investment in the offshore market – particularly in deep waters – continues to rise, our clients will benefit from enhanced services that leverage digital and technological innovation to drive better performance of subsea assets, increasing energy efficiency and reducing CO2 emissions,” said Olivier Le Peuch, CEO of Schlumberger. “We look forward to collaborating with Aker Solutions and our subsea integration partner Subsea 7 on this new venture.”

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Aker Solutions will receive US$ 700 million in cash and stock from Schlumberger as part of the agreement and expects to record a profit of about US$ 1 billion at closing, the Norwegian company said.

The Combined Business Between The Oil Multinationals Will Have Approximately 9,000 Employees Worldwide!

The agreement will leave Schlumberger with a 70% stake in the planned joint venture, while Aker Solutions receives 20% and Subsea 7 10%, the companies said in a joint statement.

The combined business will have approximately 9,000 employees worldwide, and the estimated synergy potential is over US$ 100 million per year in the medium term, they added.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2023.

More information about the proposed transaction is available on Schlumberger’s investor relations website, which can be accessed HERE.

Schlumberger’s Competitors, Subsea 7 and Aker Solutions, Better Watch Out! The Global Giants Join Forces to Create an Underwater Engineering Company Promising to Reduce CO2 Emissions Offshore!

Aker Will Receive US$ 700 Million in Cash and Stock from Schlumberger as Part of the Agreement, and Expects to Record US$ 1 Billion in Profit at Closing!

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Combined Business Between The Oil Multinationals Will Have Approximately 9,000 Employees Worldwide!

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