Fri, 24 Dec 2010 | MERGER
Subsea7, an offshore oil firm based in Aberdeen, is to dispose of a portion of its business after being taken over by Acergy.
Acergy merged with Subsea7 in June this year, boosting its employee number to 12,000 and has a new market value of £3.6 billion. It is anticipated that the newly created entity will result in cost savings of more than $100 million per year.
London-based Acergy is a seabed-to-surface engineering and construction contractor to the oil and gas sector.
Information regarding the proposed merger has recently been submitted to the UK Office of Fair Trading. It is now assessing the suggested divestments prepared to gain its approval, which are the sale of a pipelay vessel and possibly a diving vessel.
The two businesses have only one other competitor in the global market for oil services.
It was reported in July that about 150 new jobs had been created at Wester Yard, a business operated by Subsea7, as a result of the merger. Wester Yard runs a pipe fabrication operation located near Wick in the Highlands.
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