October 3, 2019 - 2:23 AM EDT
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4Subsea Acquired by Subsea 7

4Subsea today announced that it has been acquired by Subsea 7 in a 100% stock buyout. The acquisition will enable further enhancement and scaling of 4Subsea's know-how, technology and services to a worldwide market

ASKER, Norway, Oct. 3, 2019 /PRNewswire/ -- 4Subsea, a leading provider of technology and services to oil & gas and offshore wind operators worldwide, reports the acquisition of their company to Subsea 7. 4Subsea will function autonomously within Subsea 7, maintaining an independent brand and management team. 4Subsea's Peter Jenkins will continue in his role as CEO of the company.

Delivering advanced digital solutions to a worldwide market

4Subsea will support Subsea 7 in delivering advanced digital solutions to their customers within Life of Field and Field Development contracts and be a key contributor to the ongoing digital transformation of Subsea 7 business delivery.

"We regard the acquisition of 4Subsea as an important opportunity for Subsea 7 to expand its digital capability and offering. 4Subsea digital insights will create value for Subsea 7 in both our services provided to customers, and to improve efficiency within our own operations and delivery.

4Subsea's experienced team of subsea domain experts and data scientists provides innovative digital solutions to energy operators, reducing operational risk, cost and providing actionable insights.

We are delighted that the 4Subsea team is now part of our Group, and we look forward to jointly delivering enhanced value to our customers.

- Stuart Fitzgerald, Executive VP - Alliances and Strategy, Subsea 7 

Digital twins of vessels to optimise marine operations

An early priority project will be a joint effort between Subsea 7 and 4Subsea towards monitoring of key operational data on Subsea 7 vessels, contributing to the digitalisation of its marine operations. With the use of advanced algorithms and artificial intelligence, 4Subsea will deliver key insights and decision support with digital twins, in order to optimise these activities.

"We are proud and happy to become a Subsea 7 company, as we regard this as an excellent opportunity to scale our technology and services to a larger market. We aim to combine our ability to deliver quick and targeted business value within well intervention, drilling, subsea operations, and offshore wind with Subsea 7's strong position as a leading player within the subsea and renewables market.

We believe there is significant value to energy operators in combining our services with Subsea 7's Field Development and Life of Field business. In addition, we can create value within Subsea 7 with the vessel monitoring project, in the same way we have developed digital twins for subsea production and drilling." 

- Peter Jenkins, CEO, 4Subsea

Media contact

VP Marketing Berit Lid Scharff I +47-971-39-487 I [email protected]

For Norwegian version of press release, send an email to [email protected].

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/4subsea/r/4subsea-acquired-by-subsea-7,c2923998

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Source: PR Newswire (October 3, 2019 - 2:23 AM EDT)

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