The new entity – to be named Subsea 7 – will have a market value of $US5.4 billion and have the capability and resources to complete the full spectrum of subsea services including engineering, procurement, installation and commissioning services for subsea umbilical, riser and flowline projects, conventional field development and life-of-field services.
Acergy will hold 54 per cent of the new entity with Subsea7 to hold the remaining 46 per cent.
Completion is anticipated toward the end of 2010 or the first quarter of 2011 and is subject to Acergy and Subsea 7 shareholder approvals, regulatory approvals and other customary closing conditions.
