Subsea 7 buys majority stake in Xodus Group
Subsea 7 has agreed to acquire a 60% holding in Xodus Group from Chiyoda.
Chiyoda will retain a 40% holding as a joint venture partner.
This investment by Subsea 7 should 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 engineering and advisory services to the energy industry.
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.”
Steve Swindell, managing director of Xodus, said: “We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus. We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides.”
(Source: Subsea World News)