Subsea 7 buys out Norway’s 4Subsea in push to expand digital capability
- Business & Finance
Norwegian technology and services provider 4Subsea has been acquired by UK’s subsea engineering and construction company Subsea 7 in a 100% stock buyout.
The acquisition will enable further enhancement and scaling of 4Subsea’s know-how, technology, and services to a worldwide market, 4Subsea said in a statement on Thursday.
4Subsea will function autonomously within Subsea 7, maintaining an independent brand and management team. 4Subsea’s Peter Jenkins will continue in his role as CEO of the company.
4Subsea state it would support Subsea 7 in delivering digital solutions to the customers within Life of Field and Field Development contracts and be a key contributor to the ongoing digital transformation of Subsea 7 business delivery.
Stuart Fitzgerald, Executive VP – Alliances and Strategy, Subsea 7, said: “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.
“4Subsea’s experienced team of subsea domain experts and data scientists provides innovative digital solutions to energy operators, reducing operational risk, cost and providing actionable insights.”
Digital twins of vessels to optimize marine operations
4Subsea noted that an early priority project would be a joint effort between Subsea 7 and 4Subsea towards monitoring of key operational data on Subsea 7 vessels, contributing to the digitalization of its marine operations.
“With the use of advanced algorithms and artificial intelligence, 4Subsea will deliver key insights and decision support with digital twins, in order to optimize these activities,” the company said.
Peter Jenkins, 4Subsea CEO, stated: “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.
“We believe there is significant value to energy operators in combining our services with Subsea 7’s Field Development and Life of Field business. In addition, we can create value within Subsea 7 with the vessel monitoring project, in the same way we have developed digital twins for subsea production and drilling.”
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