HOUSTON-- October 04, 2023 -- SLB (NYSE: SLB), Aker Solutions and Subsea7 announced today the final closing of their previously announced joint venture. The new business, which will adopt the OneSubsea name, will drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time.

OneSubsea now comprises SLB’s and Aker Solutions’ subsea businesses, which include an extensive complementary subsea production and processing technology portfolio, world-class manufacturing scale and capacity, access to industry-leading reservoir and digital domain expertise, unique pore-to-process integration capabilities and strengthened R&D capabilities.

“The offshore market is demonstrating a sustained resurgence as operators across the world look to accelerate development cycle times and increase the productivity of their offshore assets,” said SLB Chief Executive Officer Olivier Le Peuch. “With its combined technology portfolio that leverages digital innovation, OneSubsea is ideally placed to support customers in their drive to improve asset performance while increasing energy efficiency and reducing CO2 emissions.”

OneSubsea’s field-proven subsea processing capabilities are seen by its customers as unparalleled in enhancing reservoir recovery and enabling long tie backs. Its unique compression technology portfolio has proven its potential to reduce the structure and capital cost of developing new energy reserves, while subsea projects have shown to be inherently more carbon efficient than topside solutions.

“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 Mads Hjelmeland, newly appointed Chief Executive Officer of OneSubsea. “We will accelerate innovation and contribute to the ambition of our customers to optimize their production and reduce emissions in their subsea operations.”

OneSubsea will be headquartered in Oslo, Norway, and Houston, Texas, with 11,000 people working in all key operating regions around the world. SLB holds a 70% equity stake in the joint venture, with Aker Solutions and Subsea7 holding 20% and 10% respectively.