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Subsea 7 buys into Xodus

4C Offshore | Tom Russell
By: Tom Russell 22/02/2018 Subsea7
Subsea 7 S.A. and Chiyoda Corporation have agreed for Subsea 7 to acquire a 60% holding in energy consultancy Xodus Group from Chiyoda. Chiyoda will retain a 40% holding as a joint venture partner. 

Xodus will continue to operate independently of its parent companies, providing unbiased engineering and advisory services to the energy industry and offering objective advice to its clients aimed to help them maximise their returns. 

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."

Xodus, headquartered in Aberdeen, reported a positive start to 2018, securing an excess of £6m of contracts across the oil and gas and renewables sectors. It also stated that it is experiencing resurgence in front end engineering projects as the North Sea market demonstrates further recovery.

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