Subsea 7 takes over 4Subsea in stock buyout

Subsea 7 has taken over Norwegian energy services and technology firm 4Subsea in a 100% stock buyout.

Headquartered in Asker, 4Subsea said it would work independently of Subsea 7, retaining its current brand and management team, led by chief executive Peter Jenkins.

The company was established in 2007 and has additional offices in Aberdeen, Bergen, Kristiansand, Stavanger and Rio de Janeiro.

Nordic software investor Viking Venture has been an active backer of 4Subsea since 2014.

Subsea 7 is headquartered in London and registered in Luxembourg. It has an office in Westhill, near Aberdeen.

An early priority for 4Subsea will be to monitor operational data on Subsea 7 vessels, contributing to the digitalisation of its marine operations.

Mr Jenkins said: “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.”

Stuart Fitzgerald, executive vice president for alliances and strategy at Subsea 7, said: “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.”

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