ABB and Schlumberger form Subsea Joint VentureNews // October 20, 2000
The scope of the memorandum includes the development of the new technologies and services that will be needed in hydrocarbon production from the reservoir to the delivery point - whether on a platform, ship or directly to shore.
"Our objective is to provide the systems and the processes that will allow our customers to develop both deepwater and marginal offshore fields more economically," said Euan Baird, Chairman and CEO of Schlumberger.
"We believe that by working together, we can deliver innovative solutions that will significantly advance the state of the art in subsea field development," said Baird.
The worldwide joint venture - that will not require any material equity investment - will offer new technology for deepwater and offshore assets based on a risk-reward business model.
ABB and Schlumberger said the oil, gas and petrochemicals industry is increasingly geared to sharing both the risk and reward involved with moving a project or technology forward - for example, joint project development and execution, as well as in research and development or in financing.
"We will combine Schlumberger reservoir evaluation, development and management experience, including downhole monitoring and control, with ABB's subsea knowledge expertise, including application of new technologies for downhole intelligent completions, subsea processing and power distribution," said Göran Lindahl, President and CEO of ABB.
"Together, we can provide customers with new field development solutions that will increase recovery from subsea fields," he concluded.