New Global Subsea Provider Launched
The company already has a worldwide order book in excess of $800 million, firmly establishing it as a global service provider for subsea engineering and construction, and is poised to win additional business from projects it is currently bidding.
The company was formed by the two parties contributing all tangible assets associated with their subsea businesses as well as leases, on-going contracts and intellectual property. It will have offshore operations supported out of the UK, Norway, Singapore, Brazil, United States and the Caspian.
John Smith, chief executive of Subsea 7, said: "There is an excellent strategic fit between the two businesses both technically and geographically. As a result, Subsea 7 is well positioned to service both the traditional and deepwater growth markets. The combined company will be stronger than the sum of the two individual parts.
"The new organization has a clear understanding of its vision, direction, opportunities and challenges and is committed to providing a service that will distinguish us from our competitors to grow market share, margins and return on capital employed."
Halliburton and DSND both have a 50 percent shareholding in the newly formed organization. Subsea 7 has a fleet of 113 remotely operated vehicles (ROVs), three pipeline construction yards and 23 modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving and survey.
The combined staff of 4,000 people will include 500 professionally qualified engineers strongly focused on subsea field development and robotic intervention and the senior management team will consist of best representation from both parties.
Mr. Smith continued, "Fifty percent of the 1,900 subsea wells world-wide are located in the North Sea with future growth lying in deepwater provinces such as the Gulf of Mexico, West Africa, Brazil and the Asia Pacific region. Subsea 7 is well positioned to support these growth markets."
Notes to editors:
1. DSND was established in 1854 and is a leading subsea contractor
that is engaged in the North Sea, Gulf of Mexico, Brazil and West
Africa. The company, now known as DSND Subsea, operates a fleet of
40 vessels and employs 2,000 people. The company's World Wide Web
site can be accessed at www.dsnd.com.
2. Halliburton, founded in 1919, is one of the world's largest
provider of products and services to the petroleum and energy
industries. The company serves its customers with a broad range of
products and services through its Energy Services Group and
Engineering and Construction Group business segments. The
company's World Wide Web site can be accessed at
www.halliburton.com.
CONTACT: Halliburton, Houston Wendy Hall, 713/676-4371
wendy.hall@halliburton.com
Manager, Public Relations