Aker Solutions, SLB and Subsea7 have today announced the finalization of their subsea joint venture. The new company, named OneSubsea, now includes Aker Solutions’ and SLB’s subsea businesses.

Mads Hjelmeland, former head of Subsea Production Systems at SLB, has been appointed CEO of OneSubsea. The company will be headquartered in Oslo and Houston, Texas, with 11,000 employees worldwide.

”OneSubsea’s extensive technology portfolio and engineering expertise enable us to address future market trends and needs at a unique scale. In doing so, we aim to fulfil our purpose of expanding the frontiers of subsea to drive a sustainable energy future,” said Hjelmeland. ”We will accelerate innovation and contribute to the ambition of our customers to optimize their production and reduce emissions in their subsea operations,” says Hjelmeland in a statement.

Aker Solutions owns 20% of the joint venture, while SLB owns 70% and Subsea7 owns 10%. In addition, Aker Solutions will receive a total cash consideration of USD 700m for the sale of a 20% stake in the joint venture, the company says in a statement. 

”For Aker Solutions, today also marks a defining moment in our strategy. We have transitioned from having a stand-alone subsea business to becoming a proud co-owner of a world-leading subsea company,” states Kjetel Digre, CEO of Aker Solutions, in the press release. 

The consideration of approximately USD 1bn breaks down as follows:

USD 306.5m in proceeds from SLB, which will be settled in the form of 5,057,706 shares of SLB.

USD 306.5m in proceeds from a sale of 10% of the shares to Subsea7.

USD 87.5m in proceeds from a vendor note from the joint venture.

”The offshore market is showing sustained growth as operators around the world seek to accelerate development cycle times and increase the productivity of their offshore assets. With its combined technology portfolio leveraging digital innovation, OneSubsea is ideally positioned to support customers in their efforts to improve asset performance while increasing energy efficiency and reducing CO2 emissions,” says Olivier Le Peuch, CEO of SLB in the press release

(Translated using DeepL with additional editing by Kristoffer Grønbæk)