Cade approves JV between Schlumberger and Subsea 7

5/29/2019

The Administrative Council for Economic Defense (Cade) has unrestrictedly approved the formation of Subsea LLC, a joint venture between Schlumberger and Subsea 7.

The creation of the company was announced in February last year but only this month was approved by the German Federal Cartel Office antitrust authority. The Cade document was signed on May 27th.

Subsea LLC will act as a management company to facilitate the sale of underwater products and services from both companies. The joint venture will not have its own employees, since the directors and executives will be the same as the controlling companies.

Schlumberger operates in the markets for wells and underwater production systems, among other segments. The group has 67 active service contracts with Petrobras.

Subsea 7 has 35 contracts with Petrobras, among them the charter of the PLSVs Seven Cruzeiro, Seven Rio, Seven Sun and Seven Waves. In all, the company has 35 active contracts with the state company.

Both companies have offices in Rio de Janeiro (RJ).

Source: Brazil Energy

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