Subsea 7 will acquire 60% holding in Xodus Group from Chiyoda Corporation, which will retain a 40% stake in the engineering and advisory consultancy as a joint venture partner.
“This joint venture further enhances our early engineering engagement in both oil and gas and offshore renewables,” said Jean Cahuzac , Subsea 7 CEO. “ Through earlier engagement with our clients we can deliver more cost-effective results, introduce new technology, full lifecycle solutions and integrated services. We are committed to maintaining the independent role of Xodus who will continue to deliver long term value for their clients.”
Subsea 7 said that Xodus will continue to operate independently of its parent companies, providing engineering and advisory services to the energy industry.
Steve Swindell , managing director of Xodus said: “We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus. We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides.”
Last year, Xodus Group and Green Marine teamed up to launch a new integrated service for the maintenance of offshore renewable assets, utilising Xodus’ integrity management software tool XAMIN to capture and monitor live data from offshore assets with Green Marine providing the physical offshore inspection and repair services.