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The new joint venture formed by the oil and gas giants will have the participation of the three companies and each one will still operate independently
The strategic partnership between oil and gas giants Aker Solutions, SLB (formerly Schlumberger) and Subsea7 has reached a significant milestone. The three companies announced that they received approvals necessary regulations to move forward with the creation of a joint venture focused on the subsea segment.
Antitrust authorities in Brazil and six other countries gave the go-ahead, marking an important step towards realizing this innovative collaboration between oil companies. According to a joint statement, the complete closure of the operation is planned for the fourth quarter of this year, once the remaining conditions are met, according to the Petronotícias website.
Strategic collaboration between oil companies: vision and structure
The announcement of the formation of the oil joint venture took place in August last year. Until the transaction closes, the parties involved will continue to operate their businesses independently. The ownership structure of the new collaboration was defined as Schlumberger (70%), Aker Solutions (20%) and Subsea 7 (10%). Bringing these industry-leading companies together seeks to leverage their distinct competencies and deliver comprehensive solutions to customers around the world.
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The fusion of petroleum expertise is a central feature of this endeavor. The combination of Aker Solutions' skills, SLB's engineering experience and the renowned competence of Subsea7 in subsea services form a unique synergy. Collaboration between oil companies ranges from deep understanding of reservoirs to project engineering solutions, consolidated subsea technologies, world-class manufacturing capabilities and comprehensive lifecycle offerings for global customers.
Subsea Integration Alliance: Strengthening the Oil Collaboration
The Subsea Integration Alliance, a collaboration between Schlumberger and Subsea 7, also plays a key role in this new phase. As part of the joint venture, it will be incorporated and will have your renewal extended for 10 years after the closing of the transaction between the oil companies. This highlights the long-term commitment to excellence in subsea integration and providing exceptional customer service.
The collaboration between Aker Solutions, SLB and Subsea7 promises to shape the subsea landscape, delivering innovation, efficiency and comprehensive solutions. The companies' commitment to combining their world-class competencies reflects a desire to better serve customers and the industry as a whole. With regulatory approvals secured, the closing of the operation in the fourth quarter of 2023 will mark an important milestone in this strategic collaboration, pointing to a future of progress and success in the subsea segment.
