Subsea 7 in ECS Acquisition, Includes 850 People
Subsea 7 S.A. has announced the acquisition of certain businesses of EMAS Chiyoda Subsea (ECS), which include approximately 850 people based in Houston, Singapore and Saudi Arabia.
The acquisition, under a US bankruptcy code Chapter 11 Plan of Reorganisation, was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective June 29.
“In a challenging business environment our differentiated offering and strong capital discipline has enabled us to pursue this opportunity,” Jean Cahuzac, Subsea 7 CEO, said in a company statement.
“This targeted investment enables Subsea 7 to accelerate its strategy to provide a market leading service in the Middle East,” he added.
Cahuzac said the addition of people, local presence and client relationships of ECS to its ‘market leading SURF and Conventional capability’ expands its global presence.
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