HOUSTON (dpa-AFX) - Schlumberger Limited (SLB), an oilfield services company, Aker Solutions ASA, and Subsea 7 S.A., said on Tuesday that they have agreed to form a joint venture to support their customers to unlock reserves, cut time for first oil, reduce development costs, with a support to low carbon solutions.
The transaction, expected to be closed during the second half 2023, will comprise the subsea businesses of Schlumberger and Aker Solutions, with Subsea 7 purchasing 10 percent of the JV for $306.5 million.
Aker Solutions will receive $306.5 million from Schlumberger which will be settled in the form of shares in Schlumberger.
Aker Solutions will receive $87.5 million in proceeds through a vendor note from the joint venture.
Upon completion of the deal, Schlumberger will own 70 percent of the JV. Aker Solutions and Subsea 7 will own remaining 20 percent and 10 percent, respectively.
The new JV will form part of Subsea Integration Alliance, currently an unincorporated alliance between Schlumberger and Subsea 7. The alliance will be extended by 10 years from the transaction.
'The shares will be settled based on the volume-weighted average trading price of Schlumberger shares in the 10 business days preceding the closing of the transaction and are subject to a lock-up period of a minimum of 180 days,' the company said in a statement.
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