Subsea World News has put together a recap of the most interesting articles from the previous week (May 16 – May 22).
The combined company would have an equity value of $13 billion based on pre-announcement share prices. Technip and FMC Technologies expect to execute a definitive business combination agreement to combine the companies in an all-stock merger transaction.
Namely, in January this year, Industri Energi carried out an inspection on Subsea 7’s diving vessel Seven Falcon in Haugesund, Norway, and found what it believes to be illegal work contracts.
Through the agreement DOF Subsea will provide the dive support vessel Skandi Achiever, whilst N-Sea will provide saturation diving resources. Project management, engineering and diving manual/procedures will be provided through an integrated team, the companies noted.
Known as the Standardization Unified Joint Industry Project (JIP), the one-year agreement sets out the terms and conditions upon which the signing parties shall establish industry standards for offshore engineering.
The vessel has been specifically designed and built to install the subsea structures of the giant Shah Deniz Stage 2 gas development project.