# Schlumberger, Subsea 7 and Aker Solutions to form subsea engineering firm
Published: 2022-08-30
Category: Headlines
Category URL: https://blockchaintribune.com/category/headlines/
Meta Title: Schlumberger and Aker Solutions to merge subsea businesses with Subsea 7 as partner
Meta Description: Stay updated on the latest subsea oil and gas construction merger news between Schlumberger and Aker Solutions, including the partnership with Subsea 7.
URL: https://blockchaintribune.com/schlumberger-subsea-7-and-aker-solutions-to-form-subsea-engineering-firm/

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[OSLO](https://blockchaintribune.com/norways-schibsted-to-cut-250-jobs-in-cost-drive/) (Reuters) – U.S. engineering firm Schlumberger and Norway’s Aker Solutions plan to merge their subsea oil and gas construction business and to bring in a third rival, Oslo-listed Subsea 7, as a partner, the firms said on Tuesday.

Aker Solutions will receive $700 million in cash and Schlumberger stock as part of the [deal,](https://blockchaintribune.com/adobes-20-billion-deal-to-acquire-figma-under-threat-from-eu-regulators-ft/) and expects to book a profit of around $1 billion at the time of closing, the Norwegian company said.

The deal will leave Schlumberger with a 70% stake in the planned joint venture while Aker [Solutions](https://blockchaintribune.com/solera-to-acquire-endata/) gets 20% and Subsea 7 10%, the companies said in a joint statement.

The combined business will have approximately 9,000 employees globally, and the estimated synergy potential is more than $100 million per year in the medium term, they added.

The transaction is expected to close in the second half of 2023.

(Reporting by Terje Solsvik, editing by Stine Jacobsen)


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