Schlumberger, Aker Solutions and Subsea 7 today announced an agreement to form a joint venture to deliver a step change in subsea production economics by helping customers unlock reserves, reduce time to first oil and lower development costs while simultaneously delivering on their decarbonization objectives.

The proposed joint venture will comprise the subsea businesses of Schlumberger and Aker Solutions, with Subsea 7 purchasing 10% of the joint venture for $306.5 million. This combination brings together 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 to customers all over the world.

The transaction is subject to regulatory approvals as well as other customary closing conditions, and is expected to close during the second half 2023. Following completion of the transaction, Schlumberger will own 70% of the joint venture, with Aker Solutions and Subsea 7 owning 20% and 10%, respectively.