TX-SCHLUMBERGER
30.8.2022 07:01:37 CEST | Business Wire | Press release
Schlumberger, Aker Solutions and Subsea 7 today announced an agreement to form a joint venture to drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time. The agreement will bring together a portfolio of innovative technologies such as subsea gas compression, all-electric subsea production systems and other electrification capabilities that help customers meet their decarbonization goals.
The proposed joint venture will combine Schlumberger’s and Aker Solutions’ subsea businesses, which include deep reservoir domain and engineering design expertise, an extensive field-proven subsea production and processing technology portfolio, world-class manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions for customers all over the world. Subsea 7 will be an equity partner in the new joint venture.
“As investment in the offshore market—particularly in deepwater—continues to increase, our customers will benefit from enhanced services that leverage digital and technological innovation to drive improved subsea asset performance while increasing energy efficiency and reducing CO2 emissions,” said Schlumberger Chief Executive Officer Olivier Le Peuch. “We look forward to collaborating with both Aker Solutions and our subsea integration partner Subsea 7 on this new venture.”
“Aker Solutions, Schlumberger and Subsea 7 are complementary businesses, both in terms of products and services, as well as customers and geographical presence. Furthermore, Schlumberger shares our commitment to innovation, such as deploying digital solutions and decarbonization technologies,” said Øyvind Eriksen, President and Chief Executive Officer of Aker ASA.
Upon closing of the proposed transaction, the existing Subsea Integration Alliance (SIA) between Schlumberger and Subsea 7, will be amended so that the new joint venture will assume Schlumberger’s role in the Alliance, which will be renewed for a ten-year term.
“We are excited to build on our highly successful alliance with Schlumberger and partnership with Aker Solutions. This new joint venture is a critical step as we collaborate on integrated subsea projects that drive maximum value for our customers,” said Subsea 7 Chief Executive Officer John Evans.
In addition to contributing its subsea business to the joint venture, at closing Schlumberger will issue to Aker Solutions shares of Schlumberger common stock valued at USD 306.5 million in a private placement. Concurrently, Subsea 7 will purchase its 10% interest in exchange for USD 306.5 million in cash to Aker Solutions. The joint venture also will issue a promissory note to Aker Solutions for USD 87.5 million. At closing of the joint venture, Schlumberger will own 70%, with Aker Solutions owning 20% and Subsea 7 owning 10%. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2023.
More information on the proposed transaction is available on Schlumberger’s investor relations website, which can be accessed at https://investorcenter.slb.com/.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
About Aker Solutions
Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 14,000 people in more than 20 countries.
Find out more at www.akersolutions.com.
About Subsea 7
Subsea 7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea 7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energy.
Find out more at www.subsea7.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts and projections regarding the expected benefits of the proposed transaction; the expected timing of the completion of the transaction; the parties’ ability to complete the transaction considering the various regulatory approvals and other closing conditions; future opportunities for the joint venture and its products and services; and any other statements regarding the parties’ or the joint venture’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to, among other things, satisfaction of the closing conditions to the proposed transaction, the risk that the proposed transaction does not occur, negative effects from the pendency of the proposed transaction, the ability to realize expected benefits from the proposed transaction, the timing to consummate the proposed transaction, and (as to Schlumberger) other risk factors contained in Schlumberger’s most recent Forms 10-K and other filings with the SEC available at the SEC’s Internet site (http://www.sec.gov). Actual results may differ materially from those expected, estimated or projected. Forward-looking statements speak only as of the date they are made, and the parties undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220829005749/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
INNIO Secures Additional Major Order from VoltaGrid: 1.5 GW for Behind-the-Meter Power Generation11.2.2026 14:00:00 CET | Press release
INNIO and VoltaGrid have signed an agreement to supply 1.5 gigawatts (GW) of behind-the-meter power generation infrastructure, including 300 Jenbacher gas engines The order comprises Jenbacher gas engines to support AI and high‑performance computing data centers INNIO Group today announced a major order from VoltaGrid for 1.5 gigawatts (GW), reinforcing the companies’ collaboration in behind‑the‑meter (on-site) power generation for AI and high‑performance computing infrastructure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211822384/en/ INNIO's Jenbacher J624 gas engine Under the agreement, INNIO expects to supply a total of 300 Jenbacher gas engines from its Type J624 and Type J620 series. The J624 series is integrated into VoltaGrid’s proprietary QPac™ platform. The engines are packaged into 25 MW units, enabling rapid, scalable deployment for data center customers across the United States. Delivery is scheduled by
TuneTaxi Launches AI-Powered Production Music Platform for Creators11.2.2026 14:00:00 CET | Press release
TuneTaxi has launched its AI-powered production music platform, offering creators an easy way to generate and access royalty-free music for videos, podcasts, apps, and digital experiences. Built for creators, TuneTaxi focuses on production music — tracks designed to enhance content without distracting from it — and removes common barriers like licensing complexity, providing ready-to-use tracks cleared for commercial use. “TuneTaxi makes production music simple,” says the TuneTaxi team. “Creators shouldn’t have to navigate complicated licensing or spend hours searching for the right track. Every track is royalty-free, allowing creators to focus on storytelling and engagement.” A Track for Every Story With over 100,000 tracks, TuneTaxi ranks among the top 10 production music libraries worldwide, covering styles from classic to arthouse and from orchestral to techno, and a rapidly growing international track list including both traditional and modern music from countries like China and J
WeFi Technology Group Adds Rising PGA TOUR Star To Roster Of Partnerships11.2.2026 14:00:00 CET | Press release
Michael Brennan Joins WeFi’s Next Generation of PGA TOUR Talent. WeFi Technology Group, a global provider of technology-enabled working capital solutions, today announced the addition of 23-year-old PGA Tour player Michael Brennan to the company’s roster of young rising stars. Michael Brennan, joins 21-year-old PGA Rookie Of The Year, Aldrich Potgieter, as the most exciting young talents on the PGA TOUR and as players regarded as golf’s next generation of global stars. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211123788/en/ PGA Tour player Michael Brennan. Brennan’s meteoric rise has been remarkable exemplifying his world-class talent. Across 16 starts on the PGA TOUR America’s in 2025, Brennan delivered a standout season compiling three wins. His exceptional year culminated with a win on the PGA TOUR at the Bank of Utah Championship capping an extraordinary season by rising from a world ranking of 709 at the start o
Americhem Recognized Among Top 5% Globally for Sustainability Performance with EcoVadis Gold Rating11.2.2026 13:00:00 CET | Press release
Americhem, a globally recognized designer and manufacturer of custom color masterbatch, functional additives, engineered compounds, and performance technologies, has earned the EcoVadis Gold rating, placing the company among the top 5% of organizations assessed globally for sustainability performance in their sector. EcoVadis is one of the world’s most widely used business sustainability assessment platforms, evaluating companies across Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. The Gold rating reflects not only the presence of sustainable policies but also the robustness of management systems, documentation, and implementation practices, as evaluated by EcoVadis across Americhem’s global operations. The EcoVadis Gold rating follows Americhem’s prior Silver ratings in recent years and reflects continued strengthening of environmental stewardship, governance, and management systems across the organization. “This recognition reflects how our teams run the bus
Echodyne to Open Major New Manufacturing Facility to Meet Rapidly Growing Global Demand11.2.2026 13:00:00 CET | Press release
$40M investment in 86,350-square-foot facility in Washington State, USA Annual production capacity of >30,000 radars across product lines More than 200 employees at full capacity Start of production in summer 2026 Echodyne, the radar platform company, today announces a major near-term expansion in its advanced radar production capacity. Echodyne’s new 86,350-square-foot facility will provide enough manufacturing and warehouse space to produce and ship more than 30,000 radars per year. The company’s modular manufacturing approach allows production capacity to flex to match varying demand across product lines as well as seamlessly introducing new product lines and capabilities. The investment reflects Echodyne’s continued commitment to: enhancing security and safety as UxS become ubiquitous on the battlefield and in society in general, staying ahead of the accelerating demand in the U.S. and in Allied countries around the globe, and strengthening America’s defense industrial base. Counte
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom