Subsea

Brazil approves subsea merger of Aker Solutions, SLB and Subsea7

Aug. 7, 2023

The proposed subsea joint venture between the service majors has cleared a regulatory review and is on course to complete during fourth-quarter 2023.

Offshore staff

LUXEMBOURG, FORNEBU, Norway — The proposed subsea joint venture between Aker Solutions, SLB and Subsea7 has cleared a regulatory review and is on course to complete during fourth-quarter 2023.

Following clearance from anti-trust authorities in Brazil, all regulatory approvals and required clearances to close the transactions have come through. Previously the authorities in Angola, Mozambique, Australia, Norway, the UK and US issued approvals/clearances, all of which are said to be unconditional.

The proposed joint venture aims to help clients develop reserves, reduce times to first oil, lower their development costs and attain their decarbonization goals.

Aker Solutions, SLB and Subsea 7 would combine their deep reservoir domain and engineering design expertise, field-proven subsea production and processing technologies, manufacturing capabilities, and life-of-field solutions to clients worldwide.

The trio will now seek to satisfy the remaining conditions for closing the deal.

08.07.2023