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Baker Hughes linked with Subsea 7 takeover

Baker Hughes linked with Subsea 7 takeover

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General Electric’s Baker Hughes recently held takeover talks with energy-services company Subsea 7, the Wall Street Journal has reported.

Talks broke down but could be revived, the newspaper claimed.

Norway’s Subsea 7 said in a release it has a policy not to comment on speculation or rumours.

While the offshore downturn has seen many of its peers go dormant of late, Subsea 7 has had a very active year to date. In late June, for instance, Subsea 7 picked up a number of businesses from EMAS Chiyoda Subsea, the subsea joint venture led by Singapore’s Ezra Holdings before it filed for chapter 11 in February.

Subsea 7 paid less than $100m in total, including its contribution to the debtor in possession credit facility, to acquire the businesses, the Ingleside spoolbase and sundry other assets.

The acquisition adds around $850m of order backlog for Subsea 7, with $750m of the backlog due in 2017 and 2018.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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