Technip & Subsea & Ink Deal for Permanent JV in Asia Pacific

Technip and Subsea 7 have signed a Memorandum of Understanding whereby their respective affiliates Technip Oceania Pty Ltd and Subsea 7 Singapore Pte Ltd express their intention to form a jointly operated company for subsea offshore activities in the Asia Pacific region (excluding India and Middle-East).

Under the terms of the Memorandum of Understanding, Technip and Subsea 7 will bid for and carry out all EPCIM (engineering, procurement, construction, installation, commissioning and/or maintenance) contracts for the subsea production and transportation of oil and gas within the Asia Pacific region, including the supply of flexible pipe via the Technip/Subsea 7 joint venture.

The head office of this newly formed company will be located in Perth, Western Australia.

Technip and Subsea 7 have demonstrated their capacity to work successfully together on past projects in the region including the Trunkline System Expansion Project for Woodside Energy Limited and are currently executing the Kikeh Subsea EPCI project awarded by Murphy Sabah Oil Company Ltd.

The combination of the capabilities of Technip and Subsea 7 in the region will enable the newly formed joint venture to better serve its clients, especially for their larger and more demanding projects. The joint venture shall have exclusive and operational control of two vessels : the Technip's Venturer and the Subsea 7's Rockwater 2, which will remain in the region to perform and support the EPCIM projects in the Asia Pacific region.

The definitive agreements will be subject to clearances of all relevant regulatory authorities.