Subsea 7 Buys 4Subsea
- Business & Finance
Subsea 7 has acquired 4Subsea, the Norway-based provider of technology and solutions for the offshore wind and oil & gas markets.
4Subsea will function autonomously within Subsea 7, maintaining an independent brand and management team, as well as Peter Jenkins keeping his role as CEO of the company.
An early priority project will be towards monitoring of key operational data on Subsea 7 vessels, contributing to the digitalization of its marine operations, the company said, adding that with the use of advanced algorithms and artificial intelligence, 4Subsea will deliver insights and decision support with digital twins to optimize the activities.
“We are proud and happy to become a Subsea 7 company, as we regard this as an excellent opportunity to scale our technology and services to a larger market,” said Jenkins.
“We aim to combine our ability to deliver quick and targeted business value within well intervention, drilling, subsea operations, and offshore wind with Subsea 7’s strong position as a leading player within the subsea and renewables market.”
4Subsea said it will support Subsea 7 in delivering advanced digital solutions to customers within its Life of Field and Field Development contracts and contribute to the ongoing digital transformation of Subsea 7 business delivery.
“We regard the acquisition of 4Subsea as an important opportunity for Subsea 7 to expand its digital capability and offering. 4Subsea digital insights will create value for Subsea 7 in both our services provided to customers, and to improve efficiency within our own operations and delivery,” said Stuart Fitzgerald, Executive VP – Alliances and Strategy at Subsea 7.