Subsea 7 Completes Acquisition of Siem Offshore Contractors
Subsea 7 completed the acquisition of Siem Offshore Contractors, making it a wholly owned subsidiary of the Subsea 7 Group. Two vessels, the interarray cable-lay vessel, Siem Aimery, and the support vessel, Siem Moxie, were acquired from Siem.
This brings to 37 the number of vessels operated by Subsea 7. In its 4Q results, the company said it operated 35 vessels, of which 29 were active at the end of that quarter.
Subsea 7 has been making other moves to strengthen its position in the offshore business. In February it agreed to acquire 60% holding in Xodus Group, an energy consultancy, from Chiyoda, forming a joint venture. The intended Schlumberger/Subsea 7 joint venture announced in February is based on the Subsea Integration Alliance established in 2015. It combines the subsurface expertise, subsea production systems, and subsea processing systems of OneSubsea with Subsea 7’s capabilities in subsea umbilical, riser, and flowline systems. Subsea 7 said in its 4Q report that it will not continue the KG7 alliance established in 2015 with KBR/Granherne. The companies will instead work together on a project-by-project basis.
As Major Offshore Projects Are Pushed Out, Gloomy Year Ahead for the Subsea Market
While a year with less than 200 subsea tree awards seems uncommon, a year with less than 100 awards is an even rarer sight. It has only happened once before since the turn of the century, in 2016 following the oil price crash of 2014–2016.
Premier Recasts First Oil for Tolmount, Seeks Acquisition Deal with BP
North Sea system now on track for completion in Q2 2021.
Wood, NERA Partner on Subsea Inspection Solutions
The AI-driven tool will detect anomalies in subsea oil and gas infrastructure.
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