OneSubsea, a joint venture backed by SLB, Aker Solutions and Subsea7, is expanding its technology and research and development (R&D) capabilities with the acquisition of the subsea business of Norway-based Envirex Group.
SLB reported on March 12 that the OneSubsea JV had entered into an agreement for the acquisition, as a result of which Envirex Group and its subsea business would become part of SLB OneSubsea.
According to the company, the transaction is expected to accelerate the deployment of new technology solutions and expand the range of innovative services available to customers worldwide as demand for efficient, next-generation subsea solutions continues to grow.
“This agreement represents a natural next step in a collaboration that has developed over more than a decade,” said Mads Hjelmeland , Chief Executive Officer of SLB OneSubsea. “Once completed, the transaction would strengthen our technology portfolio and enhance the value we deliver to our customers.”
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in the first half of the year.
This news comes a couple of days after it was announced that OneSubsea had secured its third contract with PTT Exploration and Production Public Company Limited (PTTEP), Thailand’s national oil & gas player, in the last 12 months, covering a deepwater project offshore Malaysia.