DSND said the closing of the Subsea7 merger of Norway-based DSND Subsea and Houston-based Halliburton Subsea is now expected to occur between May 13 and May 16. The closing date has been pushed back several times due to the complexity of the deal. Both companies will hold 50% equity, with DSND transferring $156.5 million in debt.
The 50/50 owned Subsea7, which will have corporate headquarters in Aberdeen and offices in Houston, Stavanger, Rio, and Singapore, will employ 4,000. The fleet will feature 23 vessels and 124 remotely operated vehicles. Redundancies are unlikely, said Halliburton Subsea GoM General Manager Dick Martin, because "the intention is to grow the business."
