Subsea 7 announces acquisition of certain businesses of EMAS Chiyoda Subsea
Subsea 7 S.A. has announced the acquisition of certain businesses of EMAS Chiyoda Subsea (ECS). The acquisition, under a US bankruptcy code Chapter 11 Plan of Reorganisation, was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on 29 June 2017.
As a result of this transaction Subsea 7 has significantly increased its presence in the Middle East, assuming a long-term agreement (LTA) and three current projects in Saudi Arabia, in consortium with L&T Hydrocarbon Engineering (L&T).
The financial results of the acquired entities will be consolidated within Subsea 7’s SURF and Conventional Business Unit effective 29 June 2017.