Norwegian engineering firm Aker Solutions, US-based oilfield services provider SLB (formerly Schlumberger), and Subsea7, an offshore projects developer, have finalised the previously announced joint venture (JV) deal to create OneSubsea.

The JV finalisation follows the receipt of all the mandated regulatory approvals and clearances in Angola, Australia, Mozambique, the UK, Norway, and the US. The deal was announced in August 2022.

By using its technology portfolio, OneSubsea is expected to drive enhanced subsea asset performance while boosting energy efficiency and lowering CO2 emissions.

OneSubsea will also bring in innovation and efficiency in offshore production by assisting customers in unlocking reserves and shortening the cycle time, said Aker Solutions.

The new JV is made up of the subsea businesses of Aker Solutions and SLB. These include a portfolio of complementary subsea production and processing technologies, manufacturing scale and capacity, access to reservoir and digital domain expertise, capabilities in pore-to-process integration, and strengthened abilities in research and development (R&D).

It will be dual-headquartered in Oslo, Norway, and Houston, Texas and will have a workforce of around 11,000 personnel working in all major operating regions across the globe.

OneSubsea CEO Mads Hjelmeland said: “OneSubsea’s extensive technology portfolio and engineering expertise enable us to address future market trends and needs at a unique scale.  In doing so, we aim to fulfil our purpose of expanding the frontiers of subsea to drive a sustainable energy future.

“We will accelerate innovation and contribute to the ambition of our customers to optimise their production and reduce emissions in their subsea operations.”

Aker Solutions has a 20% stake in the joint venture while SLB will own 70%. Subsea7 will hold the remaining 10% in OneSubsea in exchange for a payment of $306.5m made to Aker Solutions.

Overall, Aker Solutions has earned $700m for selling a 20% stake in the joint venture. This also includes proceeds of $306.5m from SLB in the form of 5,057,706 shares in the latter for a 10% stake in the new JV.

Aker Solutions CEO Kjetel Digre said: “By combining our strong and complementary competencies and technologies, we will deliver an industry step change that will benefit our customers and employees while significantly increasing shareholder value.

“For Aker Solutions, today also marks a defining moment in our strategy. We have transitioned from having a stand-alone subsea business to becoming a proud co-owner of a world-leading subsea company.”