Subsea Integration Alliance to be amended, will be renewed for 10 years upon closing
Schlumberger, Aker Solutions, and Subsea7 have announced an agreement to form a joint venture to drive innovation and efficiency in subsea production by helping customers unlock reserves, reduce time to first oil, and lower development costs while simultaneously delivering on their decarbonization objectives.
The proposed joint venture will combine Schlumberger’s and Aker Solutions’ subsea businesses. Subsea7 will be an equity partner. Upon closing of the proposed transaction, Subsea Integration Alliance, the non-incorporated alliance between Schlumberger and Subsea7, will be amended so that the new joint venture will assume Schlumberger’s role in the alliance, which will be renewed for 10 years. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2023.
Schlumberger’s press release
Subsea7’s press release
Aker Solutions’ press release