Subsea 7, Technip to Dissolve Asia Pacific Joint Venture



Subsea 7 and Technip have agreed to dissolve their joint venture, Technip Subsea 7 Asia Pacific (TS7), once all its existing projects and tendered work have been completed.

Technip and Subsea 7 worked together on significant projects in the Asia Pacific region for several years. In 2006, TS7 was formed to provide subsea construction services in the region (excluding India and the Middle East).

TS7 has successfully executed a number of major offshore development projects in the Asia Pacific region such as Stybarrow for BHP, Donghae for KNOC, Kikeh for Murphy and Vincent for Woodside.

With the expected continued growth of the deepwater subsea construction market in the region, the parties now wish to pursue separate strategic development opportunities, but this does not exclude working together on a case-by-case basis on future projects.
 


RELATED COMPANIES
Company: BHP Billiton more info
Operates 1 Offshore Rigs
 - Private Oil Made a Big Find in Mexico. Now State Oil Wants a Cut (Oct 04)
 - BHP Gearing Up to Start Drilling for Oil in Mexico's Deep Waters (Oct 02)
 - BHP To Quit US Shale Business As Annual Profit Surges (Aug 22)
Company: Woodside more info
Operates 3 Offshore Rigs
 - Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
 - Global LNG: Faltering Supply Prompts Short-Covering Price Rally (Aug 11)
 - Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
Company: Murphy Oil Corporation more info
 - Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
 - Murphy Oil CEO: Now is the Time for Deepwater to Come Back (May 02)
 - Pilot Energy Inks Deal to Acquire Murphy's Stake in Permit WA-481-P Off WA (Jul 27)
Company: Subsea 7 more info
 - Subsea 7 Shares Surge On Special Dividend, Q4 Earnings Beat (Mar 02)
 - Subsea 7 Takes Delivery of New Vessels (Feb 02)
 - Report: Oil, Gas Companies in Aberdeen Face Tax 'Bombshell' (Dec 19)
Company: Technip more info
 - Sasol Plans More Hiring for Louisiana Project (Oct 12)
 - Bapco To Meet Technip-Led Consortium For Talks On Refinery Expansion (Aug 22)
 - Fluor Wins Malaysia Isononanol Plant Contract (Aug 07)
Company: KNOC more info
 - S.Korea's KNOC Says Drops Oil Field Project in Iraq's Sangaw South (Aug 22)
 - S.Korea's KNOC In Talks With Kazakhstan To Drop Oil Field Project (Aug 05)
 - S.Korea to Focus on Exploration as Cuts Overseas Energy Spend (Dec 04)