Schlumberger, Subsea 7 and Aker Options to kind subsea engineering agency

OSLO (Reuters) – U.S. engineering agency Schlumberger and Norway’s Aker Options plan to merge their subsea oil and gasoline building enterprise and to usher in a 3rd rival, Oslo-listed Subsea 7, as a associate, the companies mentioned on Tuesday.

Aker Options will obtain $700 million in money and Schlumberger inventory as a part of the deal, and expects to e-book a revenue of round $1 billion on the time of closing, the Norwegian firm mentioned.

The deal will depart Schlumberger with a 70% stake within the deliberate three way partnership whereas Aker Options will get 20% and Subsea 7 10%, the businesses mentioned in a joint assertion.

The mixed enterprise can have roughly 9,000 staff globally, and the estimated synergy potential is greater than $100 million per 12 months within the medium time period, they added.

The transaction is anticipated to shut within the second half of 2023.

(Reporting by Terje Solsvik, modifying by Stine Jacobsen)