Subsea 7 takes Xodus stake
60% shareholding will boost 'early engineering engagement' in renewables
Subsea 7 has taken a 60% holding in UK offshore engineering and advisory consultancy Xodus Group.
The offshore contractor said the new acquisition will help improve its early engineering engagement in offshore renewables as well as oil and gas.
“Through earlier engagement with our clients we can deliver more cost-effective results, introduce new technology, full life cycle solutions and integrated services,” said Subsea 7 chief executive Jean Cauzac.
The Aberdeen-headquartered Xodus Group will continue to operate independently following the acquisition.
Subsea 7 acquired its majority stake from Japanese oil and gas outfit Chiyoda Corporation which retains a 40% share in Xodus.
Image: Subsea 7 company Seaway Heavy Lifting (SHL)