# Schlumberger, Subsea 7 and Aker Solutions to form subsea engineering firm
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-30
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Schlumberger and Aker Solutions to Merge Subsea Oil and Gas Business with Subsea 7 as Partner
Meta Description: Exciting news! Schlumberger and Aker Solutions are teaming up with Subsea 7 to form a powerful joint venture in the subsea oil and gas industry. Learn more
URL: https://financedigest.com/schlumberger-subsea-7-and-aker-solutions-to-form-subsea-engineering-firmhtml

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OSLO (Reuters) – U.S. engineering firm Schlumberger and Norway’s Aker Solutions plan to merge their subsea oil and gas construction business and to bring in a third rival, Oslo-listed Subsea 7, as a partner, the firms said on Tuesday.

Aker Solutions will receive $700 million in cash and Schlumberger stock as part of the deal, and expects to [book a profit of around $1 billion at the time](https://www.financedigest.com/best-selling-books-of-all-time.html "Best selling books of all time") of closing, the Norwegian company said.

The deal will leave Schlumberger with a 70% stake in the planned [joint venture](https://www.financedigest.com/the-window-blinds-market-to-be-led-by-constructive-joint-ventures.html "The Window Blinds Market To Be Led By Constructive Joint Ventures") while Aker Solutions gets 20% and Subsea 7 10%, the companies said in a joint statement.

The combined business will have approximately 9,000 employees globally, and the estimated synergy potential is more than $100 million per year in the [medium term](https://www.financedigest.com/ubisoft-vows-to-get-back-to-operating-margin-above-20-in-medium-term.html "Ubisoft vows to get back to operating margin above 20% in medium term"), they added.

The [transaction is expected to close in the second half](https://www.financedigest.com/over-half-of-organisations-would-consider-using-cryptocurrencies-for-business-transactions-though-8-in-10-acknowledge-the-increased-risk-of-associated-ddos-attacks.html "Over half of organisations would consider using cryptocurrencies for business transactions, though 8 in 10 acknowledge the increased risk of associated DDoS attacks") of 2023.

(Reporting by Terje Solsvik, editing by Stine Jacobsen)


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