Subsea 7 takes controlling stake in Xodus
Subsea 7 has agreed to acquire a 60% interest in consultants Xodus Group from Chiyoda, with the latter remaining a 40% joint venture partner.
Xodus will continue to operate independently of its parent companies, providing what Subsea 7 stressed would be unbiased engineering and advisory services to the energy industry and objective advice to help clients maximize returns from their projects.
Masaji Santo, president and CEO of Chiyoda said: “Subsea 7’s experience and scale in offshore energy services will enhance Xodus’s capability and its global reach…”
Xodus claims to have started the year off well, picking up more than £6 million ($8.3 million) of contracts and noting resurgence in front-end engineering projects as the North Sea undergoes continued recovery.
The company recently expanded into the Egyptian market and manages various life-of-field projects through its London, Aberdeen, and international operations.