Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) and Chiyoda Corporation yesterday announced that Subsea 7 has agreed to acquire a 60% holding in Xodus Group, a leading energy consultancy, from Chiyoda. Chiyoda will retain a 40% holding as a joint venture partner.
This investment by Subsea 7 will help the future development and growth of Xodus and complements the existing support from Chiyoda. Xodus will continue to operate independently of its parent companies, providing unbiased engineering and advisory services to the energy industry and offering objective advice to its clients to help them maximise their returns.
Jean Cahuzac, Subsea 7 CEO said: “This joint venture further enhances our early engineering engagement in both oil and gas and offshore renewables. 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.”
Masaji Santo, President and CEO of Chiyoda said: “Subsea 7’s experience and scale in offshore energy services will enhance Xodus’s capability and its global reach, which I believe will contribute strategic growth of Xodus and its value for Chiyoda as well”
Source: Subsea 7 SA