(WO) – The proposed joint subsea venture between Aker Solutions, SLB and Subsea7 cleared regulatory review and is moving toward a Q4 2023 closing.

Following clearance by antitrust authorities in Brazil, all regulatory approvals and clearances required to close the transactions have been obtained, including required clearances in Angola, Mozambique, Australia, Norway, the United Kingdom and the United States.

The joint venture is planned as a milestone in subsea production economics, helping customers unlock reserves, reduce time to first oil, lower development costs and achieve decarbonization goals. The three companies will bring together deep reservoir domain and engineering design expertise, extensive field-proven subsea production and processing technology portfolios, world-class manufacturing scale and capabilities, and a comprehensive suite of life-of-field solutions to customers around the world.

The parties will continue to work to satisfy the remaining conditions for closing and aim to close as early as practicably possible in the fourth quarter of 2023.