Subsea 7 has strengthened its ties to Japan’s Chiyoda Corporation with the acquisition of a 60% stake in energy consultancy Xodus Group.
Chiyoda will retain a 40% holding, and the two will run the company as joint venture partners. Subsea 7 and Chiyoda have collaborated previously when last year Subsea 7 moved in on the assets of Emas Chiyoda Subsea, which had earlier filed for bankruptcy protection in the US.
Jean Cahuzac, CEO of Subsea 7, commented: “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.”
The two companies said the investment by Subsea 7 will help the development of Xodus, which will continue to operate independently of the parent companies. Xodus provides engineering and advisory services to the energy industry.