Subsea 7 SA acquired a 100% stake in Norwegian subsea technology and services provider 4Subsea AS in an all-stock transaction.
As part of the deal, 4Subsea, which serves oil and gas and offshore wind operators, will function autonomously within oilfield services company Subsea 7, according to Oct. 3 news releases. 4Subsea will retain an independent brand and its management team, including Peter Jenkins, who will remain in his role as CEO.
The deal will allow Subsea 7 to broaden its digital capacity 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," according to Stuart Fitzgerald, executive vice president for alliances and strategy at Subsea 7.
To help optimize Subsea 7's marine operations, the two companies are also launching a joint project that involves the monitoring of key operational data on Subsea 7 vessels.
