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Tuesday, October 3, 2023
Aker Solutions, SLB and Subsea7 announced the final closing of their previously announced subsea joint venture. 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 Aker Solutions’ and SLB’s 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.
“By combining our strong and complementary competencies and technologies, we will deliver an industry step change that will benefit our customers and employees while significantly increasing shareholder value. For Aker Solutions, today also marks a defining moment in our strategy. We have transitioned from having a stand-alone subsea business to becoming a proud co-owner of a world-leading subsea company,” said Kjetel Digre, Chief Executive Officer of Aker Solutions.
Mads Hjelmeland, a Norwegian national previously SLB’s Director of Subsea Production Systems, has been appointed Chief Executive Officer of OneSubsea.
“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,” said Hjelmeland. “We will accelerate innovation and contribute to the ambition of our customers to optimize their production and reduce emissions in their subsea operations.”
OneSubsea will be headquartered in Oslo, Norway, and Houston, Texas, with 11,000 people working in all key operating regions around the world.
Aker Solutions is a 20 percent owner in the joint venture, with SLB holding 70 percent and Subsea7 holding 10 percent.
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