We are proud to share that Skrine acted for Aker Solutions in respect of the Malaysian aspects of the global merger of the subsea businesses of Aker Solutions ASA, SLB (previously trading as Schlumberger) and Subsea7 to create OneSubsea. Aker Solutions is a 20 percent owner in the joint venture, with SLB holding 70 percent and Subsea7 holding 10 percent. The Aker Solutions Malaysian entities involved in global merger were Aker Solutions Malaysia Sdn Bhd and Aker Solutions APAC Sdn Bhd.
Following the completion of the merger, OneSubsea now holds an extensive complementary subsea production and processing technology portfolio, world-class manufacturing scale and capacity, access to industry-leading reservoir and digital domain expertise, unique pore-to-process integration capabilities and strengthened R&D capabilities.
Fariz Abdul Aziz
, partner at Skrine comments: “We are delighted to have played a part in this historical merger which comes at an important period with the industry seeking increasingly sophisticated subsea solutions to achieve objectives of decarbonising operations
Skrine advised Aker Solution on the Malaysian law aspects of the transaction including preparing the transaction documents save for tax. The deal team was led by Partner Fariz Abdul Aziz
who was assisted by Senior Associate Tan Wei Xian
. Partner Jesy Ooi
and Senior Associate Engy Tan
advised on real estate aspects of the transaction and Partner Foo Siew Li
and Associate Grace Mah
advised on employee related matters.
Media Release of this transaction can be accessed at:
SLB, Aker Solutions and Subsea7 Announce Closing of OneSubsea Joint Venture
, Yahoo! Finance, 2 October 2023
'Defining moment:' Three subsea giants complete joint venture, upstreamonline.com
, 2 October 2023
Aker Solutions, SLB and Subsea7 announce closing of the OneSubsea joint venture
, www.akersolutions.com, 2 October 2023