Green light for Aker Solutions, Subsea 7 and SLB joint venture

Green light for Aker Solutions, Subsea 7 and SLB joint venture

Aker Solutions, Subsea 7 and SLB have obtained all required regulatory approvals from competition authorities for the establishment of a subsea joint venture (JV).

Source: Aker Solutions

“We are now a big step closer to day 1 for the coming world-class subsea company Aker Solutions are establishing together with SLB and Subsea7. All needed regulatory approvals are now in place,” Aker Solutions reported on 4 August.

Following clearance by antitrust authorities in Brazil, the parties obtained all regulatory approvals/clearances required to close the transactions, including required clearances in Angola, Mozambique, Australia, Norway, the UK, and the U.S.

The three companies plan to bring together deep reservoir domain and engineering design expertise, subsea production and processing technology portfolios, manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers globally.

According to Aker Solutions, the joint venture is envisaged as a milestone in subsea production economics, helping customers unlock reserves, reduce time to first oil, lower development costs, and achieve decarbonization goals.

The partners will continue working to satisfy the remaining conditions for closing and expect the transaction to be completed and the new company to start operations as early as practicably possible in Q4 2023.

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To remind, Aker Solutions, Schlumberger and Subsea 7 entered into agreements to form the joint venture last summer, which will comprise the subsea businesses of SLB and Aker Solutions, with Subsea 7 purchasing 10% of the joint venture.

The Board of Directors of the joint venture will comprise three representatives from SLB, two from Aker Solutions and one from Subsea 7. The combined business will have approximately 9,000 employees globally.