Schlumberger, Subsea 7 and Aker Solutions to form subsea engineering firm
Reuters
Published Aug 30, 2022 07:11
Updated Aug 30, 2022 18:15
OSLO (Reuters) - U.S. engineering firm Schlumberger (NYSE:SLB) and Norway's Aker Solutions plan to merge their subsea oil and gas construction business and to bring in a third rival, Oslo-listed Subsea 7, as a partner, the firms said on Tuesday.
Aker Solutions will receive $700 million in cash and Schlumberger stock as part of the deal, and expects to book a profit of around $1 billion at the time of closing, the Norwegian company said.
The deal will leave Schlumberger with a 70% stake in the planned joint venture while Aker Solutions gets 20% and Subsea 7 10%, the companies said in a joint statement.
The combined business will have approximately 9,000 employees globally, and the estimated synergy potential is more than $100 million per year in the medium term, they added.
The transaction is expected to close in the second half of 2023.
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Written By: Reuters
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