Proposed Subsea Merger of Aker Solutions, SLB and Subsea7 Clears Brazil Regulatory Oversight
The proposed subsea joint venture between the three service companies has cleared final regulatory review and is set to be completed in Q4 2023.
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Following clearance by antitrust authorities in Brazil, all regulatory approvals and clearances required to close the transactions have been obtained, including required clearances in Angola, Mozambique, Australia, Norway, the United Kingdom and the United States. All approvals/clearances obtained are unconditional.
The parties will continue to work to satisfy the remaining conditions for closing, and aim to close as early as practicably possible in the fourth quarter of 2023.
The joint venture is planned as a milestone in subsea production economics, 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.
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