Italy’s Saipem and Norway’s Subsea7 Merger to Create Energy Services Giant
Energy services firms Saipem and Subsea7 have reached an agreement on the key terms for possible merger of the two companies under one unit to be named Saipem7, whose combined backlog would be over $45 billion.Saipem and Subsea7 shareholders will own 50% each of the share capital of the combined company, whose revenue is expected to be around $20.9 billion, and core earnings in excess of $2 billion.Saipem7 will become a global organization of over 45,000 people, including more than 9,000 engineers and project managers.Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held.
CGG and Baker Hughes Form CCS Alliance
French marine seismic firm CGG has signed a memorandum of understanding (MoU) with U.S. energy services giant Baker Hughes to facilitate the parties exploring jointly offered carbon capture and storage (CCS) solutions.The collaboration and proposed commercial alliance intends to support the rapid increase of CCS projects that is underway by providing high-quality and fully integrated end-to-end solutions to screen, select, characterize and monitor potential carbon storage sites worldwide.“CGG shares a strong commitment with Baker Hughes to actively support low-carbon markets with new technologies
TGS and SLB Collaborate on Ultra-Long Offset OBN Survey in U.S. Gulf of Mexico
Offshore seismic data firm TGS, in collaboration with oilfield services giant SLB, this week announced the Engagement III ultra-long offset ocean-bottom node (OBN) acquisition in Green Canyon, U.S. Gulf of Mexico.The 111 OCS block survey is underway, and acquisition is expected to be complete in April 2023. "Following the success of previous projects, imaging uplifts will be delivered through the application of full-waveform inversion (FWI) velocity model building utilizing the ultra-long offsets—imaging to be carried out by SLB with final results expected in mid-2024," TGS said.
Baker Hughes Lands Major Subsea Equipment and Services Deal with Azule Energy
Oilfield services giant Baker Hughes said Tuesday it had scored a "major" contract to provide subsea equipment and services for the Angolan company Azule Energy's Agogo offshore oilfield. Azule Energy, the Angolan joint venture of oil companies BP and Eni."This award represents the first major new greenfield project awarded in offshore Angola in more than five years," Baker Hughes said.For Baker Hughes, the scope of work includes 23 standard subsea trees, 11 Aptara manifolds, SemStar5 fiber optic controls, and the related system scope of supply. Baker Hughes will also provide
Oil Spill Response Limited to Use Saipem's FlatFish Drone
Italian oilfield services giant Saipem and Oil Spill Response Limited (OSRL) have signed an extension of their existing Services Agreement to include the provision of FlatFish, Saipem’s underwater drone for environmental monitoring and inspection of asset integrity.The existing contract between Saipem and OSRL provides for the storage, maintenance, training of personnel, and readiness including the remote emergency response of the Offset Installation Equipment (OIE).According to Saipem, the OIE is a unique system designed to intervene in case of subsea well spills in shallow water (up to
Schlumberger, Subsea 7 Renew Subsea Integration Alliance for 7 More Years
Oilfield services giant Schlumberger and offshore installation specialist Subsea 7 have agreed to renew their Subsea Integration Alliance for a further seven years.Subsea Integration Alliance is an alliance between Subsea 7 and Schlumberger’s OneSubsea subsea technologies, production and processing systems business, under which the two companies jointly design, develop and deliver integrated subsea development solutions through the combination of subsurface expertise, subsea production systems (SPS), subsea processing systems, subsea umbilicals risers and flowlines systems (SURF), and life-of-fiel
TechnipFMC Gets Notice to Proceed, Wins More Work at Exxon's Yellowtail Project Offshore Guyana
Oilfield services giant TechnipFMC has secured an additional contract and received notice to proceed from ExxonMobil for its Yellowtail development in the Stabroek Block offshore Guyana.The newly announced, "significant" flexibles contract covers six risers that are qualified for high pressure and high temperature. For TechnipFMC, a “significant” contract is between $75 million and $250 million.The company has also been given full notice to proceed with the previously announced contract for the subsea production system (SPS), following ExxonMobil’s final investment
Búzios 6: TechnipFMC Nets 'Large' Subsea Deal with Petrobras
Oilfield services giant TechnipFMC has said it has secured a contract with Petrobras to build and install subsea equipment at Búzios 6 field (module 7), a greenfield development in the pre-salt area.TechnipFMC said the contract was a large one. For TechnipFMC, a “large” contract is between $500 million and $1 billion.The contract covers flexible and rigid pipe, umbilicals, pipeline end terminals, rigid jumpers, umbilical termination assemblies and a mooring system.Jonathan Landes, President, Subsea at TechnipFMC, commented: "We are excited to announce this award, which demonstrat
TechnipFMC to Become Shareholder in Tidal Power Firm Orbital
Scottish floating tidal turbine developer Orbital Marine Power has entered a strategic partnership with offshore energy services giant TechnipFMC ( to speed up the global commercialization of Orbital’s tidal energy technology. TechnipFMC will also become a shareholder in Orbital.Orbital has developed floating tidal technology that it says is capable of cost-effectively harnessing predictable, clean energy from flowing currents. The company recently completed the construction and installation of what it says is the world’s most powerful tidal stream turbine, the O2, in the waters off
February 2025
