Oilfield services companies Aker Solutions, Subsea 7, and SLB have obtained all necessary regulatory approvals from competition authorities for the establishment of a subsea joint venture. The three firms entered into agreements last summer to create the joint venture, which will comprise the subsea businesses of SLB and Aker Solutions, with Subsea 7 acquiring a 10% stake in the venture.

The joint venture aims to bring together their deep reservoir domain and engineering design expertise, subsea production and processing technology portfolios, manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers globally. It is seen as a significant milestone in subsea production economics, helping customers unlock reserves, reduce time to first oil, lower development costs, and achieve decarbonization goals.

The clearance by antitrust authorities in Brazil, as well as the approvals obtained from Angola, Mozambique, Australia, Norway, the UK, and the US, have paved the way for the joint venture to close the transactions. All approvals/clearances obtained are unconditional. The companies continue to work towards satisfying the remaining conditions for closing and anticipate completing the process as early as practicably possible in the fourth quarter of 2023.

Once operational, the joint venture will have approximately 9,000 employees globally. The Board of Directors will consist of three representatives from SLB, two from Aker Solutions, and one from Subsea 7.

The combined expertise and resources of Aker Solutions, SLB, and Subsea 7 are expected to revolutionize subsea production and offer enhanced solutions to customers around the world. The joint venture's formation is seen as a strategic move to address various challenges in the oil and gas industry and accelerate progress towards sustainable energy solutions.