Schlumberger and Subsea 7 S.A. announced on February 23, 2018, that they have entered into exclusive negotiations to form a joint venture (JV).
The so-called subsea integration alliance, established in 2015, combined the subsurface expertise of OneSubsea with that of Subsea 7. OneSubSea was formed in 2012 as a 60/40 joint venture between Cameron and Schlumberger.
The new joint venture will look to enhance customer efficiency while maximizing total production, a spokesman for the companies said. It will do that by further strengthening the front end engineering, design and execution of integrated projects.
Furthermore, it will build on the 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».
The joint venture will be owned 50% by Subsea 7 and 50% by Schlumberger. Both parties expect to account for their investments in the joint venture under the 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.