SLB (NYSE: SLB), Aker Solutions and Subsea7 today announced the final closing of their previously announced joint venture. The new company, which will operate under the name OneSubsea, will drive innovation and efficiency in subsea production by helping customers develop reserves and reduce cycle times.
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OneSubsea now comprises SLB’s and Aker Solutions’ subsea businesses, which include an extensive complementary subsea production and processing technology portfolio. (Photo: Business Wire)
OneSubsea now includes the subsea divisions of SLB and Aker Solutions, which offer an extensive, complementary portfolio of subsea production and processing technologies, world-class production capabilities, access to industry-leading expertise in reservoirs and digitalization, unique pore-to-process integration capabilities and increased R&D capabilities.
“The offshore market is experiencing continued growth as operators worldwide look to accelerate development cycles and increase the productivity of their offshore assets,” said Olivier Le Peuch, Chief Executive Officer of SLB. “With its combined technology portfolio leveraging digital innovation, OneSubsea is optimally positioned to help customers improve the performance of their assets while increasing energy efficiency and reducing CO2-to reduce emissions.”
OneSubsea’s proven subsea processing capabilities are viewed by its customers as unmatched in increasing reservoir production and enabling long supply routes. OneSubsea’s unique portfolio of compression technologies has demonstrated its potential to reduce infrastructure and capital costs when developing new energy reserves. Subsea projects have also proven to be inherently more carbon efficient than surface solutions.
“OneSubsea’s extensive technology portfolio and engineering expertise allow us to address future market trends and needs on a unique scale. We aim to achieve our goal of pushing the boundaries of subsea technology towards a sustainable energy future,” says Mads Hjelmeland , newly appointed Chief Executive Officer of OneSubsea. “We will drive innovation and support our customers in optimizing their production and reducing emissions in subsea operations.”
OneSubsea will be headquartered in Oslo, Norway and Houston, Texas, and employ 11,000 people across all key operating regions around the world. SLB holds a 70% stake in the joint venture, Aker Solutions and Subsea7 hold 20% and 10%, respectively.
For more information about the transaction, please visit SLB’s investor relations website at https://investorcenter.slb.com/.
About SLB
SLB (NYSE: SLB) is a global technology company driving energy innovation for a balanced planet. With a global presence in over 100 countries and employees representing nearly twice as many nationalities, we work every day to innovate in the oil and gas sector, deliver digital, comprehensive solutions, decarbonize industries, and develop and scale new energy systems that accelerate the energy transition. Find out more at slb.com.
About Aker Solutions
Aker Solutions provides integrated solutions, products and services for the global energy industry. We promote low-emission oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution, we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 11,000 people in over 15 countries. Find out more at www.akersolutions.com.
About Subsea7
Subsea7 is a global leader in the implementation of offshore projects and the provision of services to the energy industry. Subsea7 enables the offshore energy transition through the continued development of lower-carbon oil and gas and by supporting the growth of renewables and new forms of energy. Find out more at www.subsea7.com.
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