Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has officially signed the OneSubsea joint venture with SLB and Aker Solutions. The newly formed entity, adopting the name OneSubsea, is poised to revolutionize subsea production, driving innovation, and enhancing efficiency to unlock reserves and reduce cycle time.
Driving Innovation and Efficiency
OneSubsea amalgamates the subsea businesses of SLB and Aker Solutions, boasting an extensive portfolio of subsea production and processing technologies. This venture brings together world-class manufacturing scale, access to industry-leading reservoir and digital domain expertise, unique pore-to-process integration capabilities, and strengthened research and development capabilities.
The field-proven subsea processing capabilities of OneSubsea are considered unparalleled by its customers. The unique compression technology portfolio has the potential to significantly reduce the structure and capital cost of developing new energy reserves. Notably, subsea projects have proven to be inherently more carbon-efficient than traditional topside solutions.
Global Presence and Equity Distribution
Headquartered in Oslo, Norway, and Houston, Texas, OneSubsea will operate globally with 11,000 professionals across key regions. The joint venture’s equity distribution sees SLB holding a 70 percent stake, Aker Solutions with 20 percent, and Subsea7 with 10 percent. Subsea7’s participation includes a cash consideration of USD 306.5 million, paid in two equal installments in 2023 and 2024.
Vision and Leadership
Mads Hjelmeland, CEO of OneSubsea, expressed excitement about the venture’s potential to address future market trends and contribute to a sustainable energy future. He highlighted the commitment to accelerating innovation to optimize production and reduce emissions in subsea operations.
John Evans, CEO of Subsea7, emphasized their strengthened position in the market, anticipating a prolonged upcycle. The collaboration with SLB and Aker Solutions positions Subsea7 to deepen relationships with clients and deliver the lower-carbon energy the world needs.
Olivier Le Peuch, CEO of SLB, sees OneSubsea as ideally positioned to support global operators in accelerating development cycles, increasing productivity, and contributing to environmental goals through digital innovation.
In conclusion, the OneSubsea joint venture marks a pivotal moment in the subsea industry, bringing together expertise, innovation, and efficiency to address the evolving needs of the energy sector.