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A Joint Venture Formed Between SLB, Aker Solutions, and Subsea Was Created to Help Customers Unlock Cycle Time
Aker Solutions, SLB, and Subsea7, giants in the global oil and gas market, announced the completion of a joint venture operation announced in 2022. This union resulted in the creation of OneSubsea, a company focused on driving innovation and efficiency in subsea production, with the goal of helping customers unlock reserves and reduce cycle time, according to Petronotícias.
OneSubsea is the result of the merger of Aker Solutions’ and SLB’s subsea businesses, two companies with extensive subsea production portfolios and processing technologies. This includes a wide global manufacturing capacity, access to the industry’s largest reserves, and a strong digital field expertise. The company also has unique process integration resources and enhanced research and development capabilities.
The subsea processing capabilities of OneSubsea are considered unmatched in terms of improving reservoir recovery and enabling longer tiebacks. Its exclusive compression technology portfolio has shown potential to reduce infrastructure and cost in developing new energy reserves. Furthermore, subsea projects have proven to be more efficient in terms of carbon emissions compared to surface solutions.
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Benefits for Customers, Employees, and Shareholders
Kjetel Digre, CEO of Aker Solutions, emphasized that the combination of complementary skills and technologies will bring a radical change to the industry. He highlighted that this union among SLB, Aker, and Subsea will benefit customers and employees while significantly increasing value for shareholders. For Aker Solutions, this step represents an important transition in its strategy, from an independent subsea business to one of the owners of OneSubsea, a global leading subsea company.
OneSubsea’s headquarters are located in Oslo, Norway, and Houston, Texas, USA. The company has approximately 11,000 employees working across all major operational regions of the world.
Participation in Joint Ventures
Aker Solutions holds 20% of the joint venture, while SLB owns 70% of the new business and Subsea7, 10%. As part of this agreement, Aker Solutions received a total consideration of US$ 700 million for selling a 20% stake in the joint venture.
Mads Hjelmeland, formerly Director of Subsea Production Systems at SLB, has taken over as CEO of OneSubsea. He emphasized that the company’s extensive technology portfolio and engineering expertise will enable it to meet future trends and needs of the market at an unprecedented scale. The commitment is to push the subsea boundaries to drive a sustainable energy future. OneSubsea will seek to accelerate innovation and contribute to its customers’ ambition to optimize production and reduce emissions in subsea operations.
The creation of OneSubsea represents a powerful strategic alliance in the global oil and gas market between SLB, Aker, and Subsea, with the potential to bring significant advances in subsea production and operational efficiency. The company emerges as a leader in its field, committed to innovation and sustainability in a constantly transforming energy world.
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