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HOUSTON, July 13, 2015 - OneSubsea®, a Cameron and Schlumberger company, announced today that they have signed an agreement establishing a worldwide non-incorporated alliance with Subsea 7 to jointly design, develop and deliver integrated subsea development solutions through the combination of subsurface expertise, subsea production systems (SPS), subsea processing systems, subsea umbilicals, risers and flowlines systems (SURF), and life-of-field services.
The alliance will bring together Subsea 7's experience and technology in seabed to surface engineering, construction and life-of-field services with OneSubsea's unique reservoir expertise and state-of-the-art subsea production and processing systems technologies. The alliance will combine both companies' resources to collaborate on selected projects, engaging early to improve field development planning from the reservoir to the production facility. By combining the complementary capabilities and market-leading technologies of Subsea 7 and OneSubsea, the alliance will work collaboratively with clients to design, develop and deliver integrated SPS and SURF solutions, which will enhance project delivery, improve the recovery, and optimize the cost and efficiency of deepwater subsea developments for the life of the field.
"The technology and expertise from Subsea 7 perfectly complements OneSubsea's Pore to Process™ business strategy to offer a holistic approach to subsea development solutions," Mike Garding, OneSubsea Chief Executive Officer, said. "Our established competencies in subsurface modelling and production systems engineering will be further strengthened by integrating the SURF expertise provided by Subsea 7. By integrating these key areas of expertise, we can further reduce risk and uncertainty to deliver the optimal solution for our clients to produce cost-effectively from subsea reservoirs."
Jean Cahuzac, Subsea 7 Chief Executive Officer, said: "This combination of subsurface, SPS, SURF and life-of-field expertise is unique in its breadth of integrated service offering and provides clients with the opportunity to significantly improve subsea field economics over the lifetime of the development. I am looking forward to developing further our relationship with OneSubsea as we will be able to capitalize on the synergies between our strong technology portfolios and develop joint technologies to improve our offering for our clients."
OneSubsea, a Cameron and Schlumberger Company, offers a step change in reservoir recovery for the subsea oil and gas industry through integration and optimization of the entire production system over the life of the field. Cameron, with its long history of innovation and firsts in the subsea market, is an industry leader in design capability, manufacturing excellence and successful installations. Schlumberger brings a deep understanding of the reservoir, and industry-leading well completions, subsea processing and integration platform. Through the integration of these strengths, OneSubsea offers best-in-class subsea solutions for its customers. For more information, visit onesubsea.slb.com.
This document includes forward-looking statements regarding the companies, made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The actual results of the companies may differ materially from those described in forward-looking statements. Such statements are based on current expectations of the performance of the companies and are subject to a variety of factors, some of which are not under the control of the companies, which can affect the companies' results of operations, liquidity or financial condition.