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reduce time to first oil and lower development costs while simultaneously
delivering on their decarbonization objectives.
Aker Solutions and Schlumberger will contribute their subsea businesses into the
JV which following the transactions will be owned by Schlumberger (70%), Aker
Solutions (20%) and Subsea 7 (10%).
This combination brings together deep reservoir domain and engineering design
expertise, an extensive field-proven subsea production and processing technology
portfolio, world-class manufacturing scale and capabilities, and a comprehensive
suite of life-of-field solutions to customers all over the world.
The transactions are interdependent and subject to regulatory approvals, as well
as other customary closing conditions, and are expected to close during the
second half 2023.
The transaction structure and terms - Aker Solutions will receive USD 700
million in consideration for the sale of a 20% ownership in the JV and retain a
20% ownership in the JV as follows:
· USD 306.5 million in proceeds from Schlumberger which will be settled in the
form of shares in Schlumberger. The shares will be settled based on the volume
weighted average price for the ten trading days ending on the fifth trading day
preceding closing of the transaction and is subject to a lock-up period of
minimum 180 days
· USD 306.5 million in proceeds from 10% divestment to Subsea 7 which will be
settled in cash. USD 153 million of these will be settled at closing and the
remaining USD 153.5 million will be settled, with interest, at the latest on
June 30, 2024
· USD 87.5 million in proceeds from a vendor note from the JV to be paid, with
interest, to Aker Solutions with minimum 50% one year from closing and the
remainder within two years from closing
· Subsea Integration Alliance, currently an unincorporated alliance between
Schlumberger and Subsea 7, will continue between the JV and Subsea 7. The
alliance will be extended by 10 years from the closing date of the transaction
· The Board of directors of the JV will consist of three representatives from
Schlumberger, two from Aker Solutions and one from Subsea 7
· The combined business will have approximately 9,000 highly skilled employees
globally. Estimated synergy potential is more than USD 100 million per annum in
the medium term, and the JV will have an attractive dividend policy
Each party will operate their businesses independently and in the normal course
until closing. Based on a scenario where closing takes place in the fourth
quarter of 2023, Aker Solutions will in addition to the value of the
transactions retain an estimated USD 300 million of cash generation from its
subsea business, for the seven quarters from second quarter of 2022 until end
2023.
“This joint venture will bring together world-class businesses that are uniquely
positioned to provide subsea technologies to help our customers improve recovery
and reduce overall subsea development costs,” said Schlumberger Chief Executive
Officer Olivier Le Peuch. “Customers will benefit from enhanced services that
leverage digital and technology innovation to drive improved performance while
increasing energy efficiency and reducing CO2 emissions.”
“By combining our strong and complementary competence and technologies, this
compelling combination will deliver an industry step change that will benefit
our customers, employees and significantly increase shareholder value. The
offshore market activity is increasing, and this joint venture will drive
enhanced offerings both in terms of subsea production economics and low-carbon
solutions,” said Kjetel Digre, Chief Executive Officer of Aker Solutions.
Subsea Integration Alliance, a nonincorporated alliance between Schlumberger and
Subsea 7, will be merged into the new entity with an extended renewal period of
10 years from closing of the transaction. “We are excited to build on our highly
successful alliance with Schlumberger and partnership with Aker Solutions. This
new joint venture is a critical step as we collaborate on the integrated subsea
projects that drive maximum value for our customers,” commented John Evans,
Subsea 7 Chief Executive Officer.
Following the transactions, Aker Solutions will be better placed to deliver on
its strategy to accelerate its transformation to meet global energy needs both
within oil and gas and renewables. Enabled by Cognite’s data platform and Aize’s
software applications, Aker Solutions will continue to grow as a digitally
empowered engineering and project execution company servicing the energy market.
Aker Solutions continues to expect 2022 revenues at around NOK 38 billion, of
which Subsea is expected at around NOK 13 billion. Following the transactions
Aker Solutions will hold 20% ownership in the subsea JV and a large and
significant business comprising the EMM- and Renewables & Field Development
segments. This business alone is expected to deliver revenues of around NOK 25
billion in 2022.
Aker Solutions expects to recognize a gain of around USD 1 billion following the
transactions, at closing.
ENDS
Media Contacts:
Torbjorn Andersen, Vice President of External Communications, Aker Solutions
Tel: +47 928 85 542
torbjorn.andersen@akersolutions.com
Josh Byerly - Vice President of Communications, Schlumberger
Moira Duff - Director of External Communication, Schlumberger
Tel: +1 (713) 375-3407
media@slb.com
Julie Taylor, Head of Group Communications, Subsea 7
Tel +44 1224 526270
julie.taylor@subsea7.com
Investor Contacts:
Fredrik Berge - Vice President of Investor Relations, Aker Solutions
Tel: +47 450 32 090
fredrik.berge@akersolutions.com
Ndubuisi Maduemezia - Vice President of Investor Relations, Schlumberger
Joy V. Domingo - Director of Investor Relations, Schlumberger
Tel: +1 (713) 375-3535
investor-relations@slb.com
Katherine Tonks - Investor Relations Director, Subsea 7
Tel: +44 20 8210 5568
katherine.tonks@subsea7.com
About Aker Solutions
Aker Solutions delivers integrated solutions, products and services to the
global energy industry. We enable low-carbon oil and gas production and develop
renewable solutions to meet future energy needs. By combining innovative digital
solutions and predictable project execution we accelerate the transition to
sustainable energy production. Aker Solutions employs approximately 14,000
people in more than 20 countries.
Visit akersolutions.com and connect with us on
Facebook (Aker Solutions),
Instagram (https://instagram.com/akersolutions/),
LinkedIn (https://www.linkedin.com/company/aker-solutions),
Twitter (https://twitter.com/akersolutions) and
YouTube (https://www.youtube.com/akersolutions).
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to
access energy. Our people, representing over 160 nationalities, are providing
leading digital solutions and deploying innovative technologies to enable
performance and sustainability for the global energy industry. With expertise in
more than 120 countries, Schlumberger collaborates to create technology that
unlocks access to energy for the benefit of all. Find out more at www.slb.com
About Subsea 7
Subsea 7 is a global leader in the delivery of offshore projects and services
for the energy industry. Subsea 7 makes offshore energy transition possible
through the continuous evolution of lower-carbon oil and gas and by enabling the
growth of renewables and emerging energy.
Find out more at www.subsea7.com
This press release may include forward-looking information or statements and is
subject to our disclaimer, see https://akersolutions.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Daniel Ingebricson, Communications,
Aker Solutions, on August 30, 2022 at 07:00 CEST.
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