Subsea 7 to become major shareholder of Xodus
Subsea 7 is set to acquire a 60 percent stake in the the engineering and advisory consultancy Xodus Group from Chiyoda.
The subsea construction and installation specialist said on Tuesday its investment would help the future development and growth of Xodus. Chiyoda will retain the remaining 40 percent stake in Xodus.
Xodus will continue to operate independently of its parent companies, providing engineering and advisory services to the energy industry and offering advice to its clients.
Jean Cahuzac, Subsea 7 CEO said: “This joint venture further enhances our early engineering engagement in both oil and gas and offshore renewables. Through earlier engagement with our clients we can deliver more cost-effective results, introduce new technology, full lifecycle solutions and integrated services. We are committed to maintaining the independent role of Xodus who will continue to deliver long term value for their clients.”
Xodus, headquartered in Aberdeen, has had a positive start to 2018, securing more than £6 million of contracts across the oil and gas and renewables sectors. It recently expanded into Egypt and manages a significant portfolio of global life-of-field projects through its London, Aberdeen and international operations.
Steve Swindell, managing director of Xodus said: “We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus. We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides.”
Demand for decommissioning, subsea and environmental services has enabled Xodus to recruit more specialists in recent months. Xodus has also invested in a number of new technology solutions which are solving some of the complex challenges the energy industry faces.