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  • Schlumberger, Aker Solutions and Subsea 7 Create Joint Venture
    édité le 31/08/2022 - Plus de news de "Subsea 7" - Voir la fiche entreprise de "Subsea 7"


Schlumberger, Aker Solutions and Subsea 7 Create Joint Venture
Schlumberger, Aker Solutions and Subsea 7 announced an agreement to form a joint venture to deliver a step change in subsea production economics by helping customers unlock reserves, reduce time to first oil and lower development costs while simultaneously delivering on their decarbonization objectives.

The proposed joint venture will comprise the subsea businesses of Schlumberger and Aker Solutions, with Subsea 7 purchasing 10% of the joint venture for $306.5 million. This combination brings together deep reservoir domain and engineering design expertise, an extensive field-proven subsea production and processing technology portfolio, world-class manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers all over the world.

The transaction is subject to regulatory approvals as well as other customary closing conditions, and is expected to close during the second half 2023. Following completion of the transaction, Schlumberger will own 70% of the joint venture, with Aker Solutions and Subsea 7 owning 20% and 10%, respectively.

Transaction details

   - The Board of Directors of the joint venture will consist of three representatives from Schlumberger, two from Aker Solutions and one from Subsea 7
   - The new joint venture will form part of Subsea Integration Alliance, currently an unincorporated alliance between Schlumberger and Subsea 7. The alliance will be extended by 10 years from the transaction completion date
   - Aker Solutions will receive $306.5 million from Schlumberger which will be settled in the form of shares in Schlumberger. The shares will be settled based on the volume-weighted average trading price of Schlumberger shares in the 10 business days preceding the closing of the transaction and are subject to a lock-up period of a minimum of 180 days
   - Subsea 7 will purchase a 10% interest in the joint venture from Aker Solutions for $306.5 million, which will be settled in cash. Of this, 50% will be settled upon closing of the transaction and the remainder will be settled, with interest, by June 30, 2024
   - Aker Solutions will receive $87.5 million in proceeds from a vendor note from the joint venture. Of this, at least 50% will be paid, with interest, one year after the transaction closes and the remainder within two years

Olivier Le Peuch, Chief Executive Officer of Schlumberger said: “This joint venture will bring together world-class businesses that are uniquely positioned to provide subsea technologies to help our customers improve recovery and reduce overall subsea development costs. Customers will benefit from enhanced services that leverage digital and technology innovation to drive improved performance while increasing energy efficiency and reducing CO2 emissions.”

Kjetel Digre, Chief Executive Officer of Aker Solutions said: “By combining our strong and complimentary competence and technologies, this compelling combination will deliver an industry step change that will benefit our customers, employees and significantly increase shareholder value. The offshore market activity is increasing, and this joint venture will drive enhanced offerings both in terms of subsea production economics and low-carbon solutions.”

John Evans, Chief Executive Officer of Subsea 7 said: “We are excited to build on our highly successful alliance with Schlumberger and partnership with Aker Solutions. This new joint venture is a critical step as we collaborate on the integrated subsea projects that drive maximum value for our customers.”

About Subsea 7

Subsea 7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea 7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energy.

About Schlumberger

Schlumberger (NYSE: SLB) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.

About Aker Solutions

Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon 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 14,000 people in more than 20 countries.


Origine : Communiqué Subsea 7

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