SLB, Aker Solutions and Subsea7 announce closing of the OneSubsea
joint venture
Luxembourg
– 2 October 2023 - Subsea 7 S.A.
(Oslo Børs: SUBC, ADR: SUBCY) today announced the final closing of
the previously announced joint venture with SLB1 and Aker
Solutions2. The new business, which will adopt the OneSubsea name,
will drive innovation and efficiency in subsea production by
helping customers unlock reserves and reduce cycle time.
OneSubsea now comprises SLB’s and Aker
Solutions’ subsea businesses, which include an extensive
complementary subsea production and processing technology
portfolio, world-class manufacturing scale and capacity, access to
industry-leading reservoir and digital domain expertise, unique
pore-to-process integration capabilities and strengthened R&D
capabilities.
OneSubsea’s field-proven subsea processing
capabilities are seen by its customers as unparalleled in enhancing
reservoir recovery and enabling long tie backs. Its unique
compression technology portfolio has proven its potential to reduce
the structure and capital cost of developing new energy reserves,
while subsea projects have shown to be inherently more carbon
efficient than topside solutions.
OneSubsea will be headquartered in Oslo, Norway,
and Houston, Texas, with 11,000 people working in all key operating
regions around the world.
SLB holds a 70 percent equity stake in the joint
venture, with Aker Solutions holding 20 percent. Subsea7 holds 10
percent of the joint venture, in exchange for a cash consideration
of USD 306.5 million paid in two equal instalments in 2023 and
2024.
Mads Hjelmeland, CEO of OneSubsea said
“OneSubsea’s extensive technology portfolio and engineering
expertise enable us to address future market trends and needs at a
unique scale. In doing so, we aim to fulfil our purpose of
expanding the frontiers of subsea to drive a sustainable energy
future. We will accelerate innovation and contribute to the
ambition of our customers to optimize their production and reduce
emissions in their subsea operations.”
John Evans, CEO of Subsea7 said “Subsea7 is in
the early stages of a prolonged upcycle driven by the continued
growth of the world’s energy demand, combined with compelling
competitive dynamics of the subsea industry. Our market-leading
position is reinforced by the partnership with SLB and Aker
Solutions in the OneSubsea joint venture and through Subsea
Integration Alliance. We look forward to deepening the relationship
with our clients as we work together to optimise value creation and
deliver the lower-carbon energy the world needs.”
Olivier Le Peuch, CEO of SLB said “The offshore
market is demonstrating a sustained resurgence as operators across
the world look to accelerate development cycle times and increase
the productivity of their offshore assets. With its combined
technology portfolio that leverages digital innovation, OneSubsea
is ideally placed to support customers in their drive to improve
asset performance while increasing energy efficiency and reducing
CO2 emissions.”
1 NYSE: SLB2 Oslo Børs: AKSO
*******************************************************************************Subsea7
is a global leader in the delivery of offshore projects and
services for the evolving energy industry. We create sustainable
value by being the industry’s partner and employer of choice in
delivering the efficient offshore solutions the world needs.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355,
LEI 222100AIF0CBCY80AH62.
*******************************************************************************
Contact for investment community
enquiries:Katherine Tonks - Investor Relations DirectorTel
+44 (0)20 8210 5568ir@subsea7.com
Contact for media
enquiries:Julie Taylor – Head of Group
CommunicationsTracey Miller - Group External Communications Manager
communications@subsea7.comwww.subsea7.com
Forward-Looking Statements:
This announcement may contain ‘forward-looking statements’ (within
the meaning of the safe harbour provisions of the U.S. Private
Securities Litigation Reform Act of 1995). These statements relate
to our current expectations, beliefs, intentions, assumptions or
strategies regarding the future and are subject to known and
unknown risks that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements may be identified by
the use of words such as ‘anticipate’, ‘believe’, ‘estimate’,
‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’,
‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar
expressions. The principal risks which could affect future
operations of the Group are described in the ‘Risk Management’
section of the Group’s Annual Report and Consolidated Financial
Statements. Factors that may cause actual and future results and
trends to differ materially from our forward-looking statements
include (but are not limited to): (i) our ability to deliver fixed
price projects in accordance with client expectations and within
the parameters of our bids, and to avoid cost overruns; (ii) our
ability to collect receivables, negotiate variation orders and
collect the related revenue; (iii) our ability to recover costs on
significant projects; (iv) capital expenditure by oil and gas
companies, which is affected by fluctuations in the price of, and
demand for, crude oil and natural gas; (v) unanticipated delays or
cancellation of projects included in our backlog; (vi) competition
and price fluctuations in the markets and businesses in which we
operate; (vii) the loss of, or deterioration in our relationship
with, any significant clients; (viii) the outcome of legal
proceedings or governmental inquiries; (ix) uncertainties inherent
in operating internationally, including economic, political and
social instability, boycotts or embargoes, labour unrest, changes
in foreign governmental regulations, corruption and currency
fluctuations; (x) the effects of a pandemic or epidemic or a
natural disaster; (xi) liability to third parties for the failure
of our joint venture partners to fulfil their obligations; (xii)
changes in, or our failure to comply with, applicable laws and
regulations (including regulatory measures addressing climate
change); (xiii) operating hazards, including spills, environmental
damage, personal or property damage and business interruptions
caused by adverse weather; (xiv) equipment or mechanical failures,
which could increase costs, impair revenue and result in penalties
for failure to meet project completion requirements; (xv) the
timely delivery of vessels on order and the timely completion of
ship conversion programmes; (xvi) our ability to keep pace with
technological changes and the impact of potential information
technology, cyber security or data security breaches; and (xvii)
the effectiveness of our disclosure controls and procedures and
internal control over financial reporting;. Many of these factors
are beyond our ability to control or predict. Given these
uncertainties, you should not place undue reliance on the
forward-looking statements. Each forward-looking statement speaks
only as of the date of this announcement. We undertake no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
This information is considered to be
inside information pursuant to the EU Market Abuse Regulation and
is subject to the disclosure requirements pursuant to Section 5-12
the Norwegian Securities Trading Act.
This stock exchange release was published by
Katherine Tonks, Investor Relations, Subsea7, on 2 October 2023 at
10:50 CET.
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