Aberdeen-Headquartered Xodus Group Welcomes Subsea 7 as Shareholder
Aberdeen-headquartered engineering and advisory consultancy, Xodus Group, has announced that it is welcoming Subsea 7 as a new shareholder.
Subsea 7 has agreed to acquire a 60 percent interest in the company, and existing shareholder Chiyoda Corporation of Japan will retain a 40 percent interest.
‘With support from both parent companies, Xodus will enhance its capability, whilst continuing to operate independently, providing unbiased engineering and advisory services to the energy industry,’ Xodus said in a company statement.
Xodus said it has had a positive start to 2018, securing more than $8.3 million (GBP 6 million) in contracts across the oil, gas and renewable sectors. The company also said it is experiencing a ‘resurgence’ in front end engineering projects as the North Sea market ‘demonstrates further recovery’.
“We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus,” Steve Swindell, managing director of Xodus, said in a company statement.
“We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides,” he added.
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