October 3rd 2019 – We’re pleased to announce that 4Subsea has been acquired by Subsea 7 in a 100% stock buyout. The acquisition will enable further enhancement and scaling of 4Subsea’s know-how, technology and services to a worldwide market. 4Subsea will function autonomously within Subsea 7, maintaining an independent brand and management team. 4Subsea’s Peter Jenkins will continue in his role as CEO of the company.
Delivering advanced digital solutions to a worldwide market
4Subsea will support Subsea 7 in delivering advanced digital solutions to their customers within Life of Field and Field Development contracts and be a key contributor to the ongoing digital transformation of Subsea 7 business delivery.
“We regard the acquisition of 4Subsea as an important opportunity for Subsea 7 to expand its digital capability and offering. 4Subsea digital insights will create value for Subsea 7 in both our services provided to customers, and to improve efficiency within our own operations and delivery.
4Subsea’s experienced team of subsea domain experts and data scientists provides innovative digital solutions to energy operators, reducing operational risk, cost and providing actionable insights.
We are delighted that the 4Subsea team is now part of our Group, and we look forward to jointly delivering enhanced value to our customers.”
– Stuart Fitzgerald, Executive VP – Alliances and Strategy, Subsea 7
Digital twins of vessels to optimise marine operations
An early priority project will be a joint effort between Subsea 7 and 4Subsea towards monitoring of key operational data on Subsea 7 vessels, contributing to the digitalisation of its marine operations. With the use of advanced algorithms and artificial intelligence, 4Subsea will deliver key insights and decision support with digital twins, in order to optimise these activities.
“We are proud and happy to become a Subsea 7 company, as we regard this as an excellent opportunity to scale our technology and services to a larger market. We aim to combine our ability to deliver quick and targeted business value within well intervention, drilling, subsea operations, and offshore wind with Subsea 7’s strong position as a leading player within the subsea and renewables market.
We believe there is significant value to energy operators in combining our services with Subsea 7’s Field Development and Life of Field business. In addition, we can create value within Subsea 7 with the vessel monitoring project, in the same way we have developed digital twins for subsea production and drilling.”
– Peter Jenkins, CEO, 4Subsea
4Subsea is a leading provider of technology and services that help operators maintain production from subsea oil and gas fields and offshore wind farms. By combining expert engineering competence, operational experience and digitalised decision support, 4Subsea ensures the integrity of subsea assets all the way from the reservoir to deck.
Viking Venture has been an active investor in 4Subsea since 2014, working with management to grow digital services and position the company in the forefront of digital transformation in its industry.
The company was established in 2007 and clients include all the major oil and gas operators as well as the large suppliers of subsea equipment. 4Subsea is headquartered in Asker, Norway with additional offices in Bergen, Kristiansand, Stavanger, Rio de Janeiro, and Aberdeen.
About Subsea 7
Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea 7 is listed on the Oslo Bors (SUBC). www.subsea7.com