Schlumberger and Subsea 7 plan JV

Schlumberger and Subsea 7 have entered negotiations to establish a JV, the companies announced Friday.

The new partnership will build on Subsea Integration Alliance between Schlumberger subsidiary OneSubsea and Subsea 7, moving into early engagement and life of field work.

“This joint venture will build on the success of Subsea Integration Alliance to provide our clients with the best solutions and services on an integrated basis. We are looking forward to strengthening our collaboration with Schlumberger and extending our range of innovative solutions and technologies to drive industry progress,” Jean Cahuzac, the CEO of Subsea 7 said in a statement.

“Subsea Integration Alliance has already provided our customers with industry leading innovation and value. The proposed joint venture will give us the opportunity to capitalise on the synergies already established and significantly improve subsea economics over the lifetime of the field,” Olivier Le Peuch, the president of Cameron Group, Schlumberger, said.

Subsea Integration Alliance was established in 2015 to design and develop tools for offshore developments including subsea production systems, subsea processing systems, subsea umbilicals, risers and flowlines and field lifecycle services.