Break-up does not exclude working together on a case-by-case basis on future projects
French energy sector services and equipment provider Technip and Norway-based oilfield engineering and construction company Subsea 7 have agreed to dissolve their joint venture, Technip Subsea 7 Asia Pacific, once all its existing projects and tendered work have been completed.
According to Subsea 7, with Technip it had worked on projects in the Asia Pacific region for several years. In 2006, Technip Subsea 7 Asia Pacific (TS7) was formed to provide subsea construction services in the region, excluding India and Middle East.
TS7 has executed some offshore development projects in the Asia Pacific region such as Stybarrow for BHP, Donghae for the Korea National Oil Corporation (KNOC), Kikeh for Murphy and Vincent for Woodside.
With the expected continued growth of the deepwater subsea construction market in the region, the parties wish to pursue separate strategic development opportunities, but this does not exclude working together on a case-by-case basis on future projects.
Subsea 7 is a subsea engineering and construction company offering all the necessary assets that make Subsea, Umbilical, Riser and Flowline (SURF) field development possible. The company’s global offshore operations are supported out of the North Sea, Africa, Brazil, North America and Asia Pacific.