Schlumberger and Subsea 7 in talks to create joint venture

Schlumberger and Subsea 7 have entered into exclusive negotiations to form a joint venture that builds on the success of Subsea Integration Alliance, which was established in 2015.

Subsea Integration Alliance currently combines the subsurface expertise, subsea production systems (SPS) and subsea processing systems of OneSubsea with the subsea umbilical, riser and flowline systems (SURF) capability of Subsea 7.

Subsea 7 explained on Friday that, to help reduce the total cost of ownership and enhance customer efficiency throughout the asset lifecycle while maximizing total production, the proposed joint venture will further strengthen the front end engineering, design and execution of integrated projects, and will build on the expertise from both companies creating a unique Life of Field offering that includes autonomous subsea technology, digitally enabled remote surveillance and production monitoring, and inspection, maintenance and repair services.

In addition to contributing resources related to early engagement and tendering, OneSubsea and Subsea 7 will assign their respective Life of Field businesses to the joint venture.

The joint venture will be owned 50% by Subsea 7 and 50% by Schlumberger. Both parties expect to account for their investments in the joint venture under the equity method of accounting. Customers will remain free to purchase non-integrated products and services from any manufacturer and vendor, including Schlumberger and Subsea 7.

Jean Cahuzac, Subsea 7 CEO, said: “This joint venture will build on the success of Subsea Integration Alliance to provide our clients with the best solutions and services on an integrated basis. We are looking forward to strengthening our collaboration with Schlumberger and extending our range of innovative solutions and technologies to drive industry progress.”

Olivier Le Peuch, President, Cameron Group, Schlumberger, commented: “Subsea Integration Alliance has already provided our customers with industry leading innovation and value. The proposed joint venture will give us the opportunity to capitalize on the synergies already established and significantly improve subsea economics over the lifetime of the field.”

Share this article

Follow Offshore Energy Today

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Beijing International Offshore Oil & Gas Exhibition (ciooe) 2019

Beijing International Offshore Oil & Gas Exhibition (ciooe), is a regular gathering in oil & gas industry…

read more >

Lebanon International Oil & Gas Summit 2019

LIOG 2019 will delve further into the opportunities that are present in Lebanon’s energy sector…

read more >

Atyrau Oil & Gas 2019

The event program is dedicated to the most topical issues of search, exploration, development of hydrocarbons…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply