In a significant development for the maritime, breakbulk, project cargo, and logistics industries, the competition authorities have given their approval for the formation of a groundbreaking subsea joint venture between Aker Solutions, SLB, and Subsea7. The joint venture is poised to revolutionize subsea production economics, offering customers unparalleled benefits.
After months of anticipation and regulatory processes, the joint venture has received the green light from antitrust authorities in various countries. Notably, approvals/clearances have been secured in Brazil, Angola, Mozambique, Australia, Norway, the United Kingdom, and the United States. These approvals are unconditional, ensuring a smooth path to closing the transformative venture.
With all the necessary regulatory hurdles cleared, the involved parties are determined to move forward swiftly. Although some remaining conditions must be met, the aim is to finalize the joint venture’s establishment in the fourth quarter of 2023.
The joint venture’s strategic vision is to empower customers with enhanced capabilities, driving efficiency, sustainability, and cost-effectiveness in subsea production operations. By combining the strengths of Aker Solutions, SLB, and Subsea7, this collaboration promises to unlock new reserves, shorten the time to first oil, reduce development costs, and align with ambitious decarbonization targets.
What sets this partnership apart is the amalgamation of specialized expertise from the three companies. Aker Solutions brings profound reservoir domain knowledge and engineering design prowess to the table. SLB is renowned for its field-proven subsea production and processing technology portfolio, and Subsea7 contributes with its world-class manufacturing scale and capabilities. Together, this triumvirate offers a comprehensive suite of life-of-field solutions, ensuring unparalleled benefits to customers worldwide.
The subsea industry has long faced challenges in maximizing production efficiency and meeting environmental objectives. This joint venture stands to revolutionize these dynamics, pushing the boundaries of what’s possible in the subsea sector.
