© Reuters. FILE PHOTO: The exterior of the Schlumberger Corporation headquarters building is pictured in the Galleria area of Houston January 16, 2015. REUTERS/Richard Carson
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OSLO (Reuters) – U.S. engineering firm Schlumberger (NYSE:) 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 (OTC:), as a partner, the firms said on Tuesday.
Aker Solutions will receive $700 million in cash and Schlumberger stock as part of the deal, 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 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.
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