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NEW GLOBAL SUBSEA PROVIDER LAUNCHED
DALLAS, Texas - Subsea 7, the new company formed as a result of the combination of Halliburton Subsea, a business unit of Halliburton's Energy Services Group (NYSE:HAL), and the subsea activities of DSND Subsea ASA (OSE:SFJ), officially starts trading today.
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 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 organisation 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 organisation. 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". Subsea 7's website can be accessed at www.subsea7.com.
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 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
Liz Marchant
(p) 44.0.1224.777297
Employment Contact
jobs@halliburton.com
(p) 800.888.7668
ext. 8005
Supplier/Procurement Contact
kbr_supplier_relations@halliburton.com
Supplier Diversity Contact
Erin Petkovich
supplier_diversity@halliburton.com
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