Today, a proposed joint venture between SLB, Subsea7 and Aker Solutions cleared regulatory review and is moving toward a Q4 2023 closing.

The joint venture is planned as a milestone in subsea production economics by helping customers unlock reserves, reduce time to first oil, lower development costs and achieve decarbonization goals. The three companies will bring together deep reservoir domain and engineering design expertise, extensive field-proven subsea production and processing technology portfolios, world-class manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers around the world.

Following today’s clearance by antitrust authorities in Brazil, all regulatory approvals needed for closing have been secured, including those by Angola, Mozambique, Australia, Norway, the United Kingdom and the United States. SLB, Subsea7 and Aker Solutions will continue to work to satisfy the remaining conditions and target closing before the end of the year.

For additional information, see the Aker Solutions and Subsea7 announcements.