February 23, 2018 / 6:13 AM / 6 months ago

BRIEF-Subsea 7 and Schlumberger plans 50/50 owned subsea joint venture

Feb 23 (Reuters) - Subsea 7 Sa:

* SCHLUMBERGER AND SUBSEA 7 ANNOUNCE INTENT TO FORM A JOINT VENTURE

* ‍SCHLUMBERGER AND SUBSEA 7 S.A. TODAY ANNOUNCED THAT THEY HAVE ENTERED INTO EXCLUSIVE NEGOTIATIONS TO FORM A JOINT VENTURE THAT BUILDS ON SUCCESS OF SUBSEA INTEGRATION ALLIANCE, WHICH WAS ESTABLISHED IN 2015​

* ‍JOINT VENTURE WILL BE OWNED 50% BY SUBSEA 7 AND 50% BY SCHLUMBERGER​

* ‍SUBSEA INTEGRATION ALLIANCE CURRENTLY COMBINES SUBSURFACE EXPERTISE, SUBSEA PRODUCTION SYSTEMS (SPS) AND SUBSEA PROCESSING SYSTEMS OF ONESUBSEA WITH SUBSEA UMBILICAL, RISER AND FLOWLINE SYSTEMS (SURF) CAPABILITY OF SUBSEA 7​

* ‍PROPOSED JOINT VENTURE WILL FURTHER STRENGTHEN FRONT END ENGINEERING, DESIGN AND EXECUTION OF INTEGRATED PROJECTS​

* ‍WILL BUILD ON EXPERTISE FROM BOTH COMPANIES CREATING A UNIQUE LIFE OF FIELD OFFERING THAT INCLUDES AUTONOMOUS SUBSEA TECHNOLOGY, DIGITALLY ENABLED REMOTE SURVEILLANCE AND PRODUCTION MONITORING, AND INSPECTION, MAINTENANCE AND REPAIR SERVICES​

* ‍BOTH PARTIES EXPECT TO ACCOUNT FOR THEIR INVESTMENTS IN JOINT VENTURE UNDER EQUITY METHOD OF ACCOUNTING​

* ‍CUSTOMERS WILL REMAIN FREE TO PURCHASE NON-INTEGRATED PRODUCTS AND SERVICES FROM ANY MANUFACTURER AND VENDOR, INCLUDING SCHLUMBERGER AND SUBSEA 7​ Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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