Scandoil  

Xodus Group Welcomes Subsea 7 as a New Shareholder


Published Feb 21, 2018
[an error occurred while processing this directive]

Edit page New page Hide edit links

Managing director of Xodus, Steve Swindell
Managing director of Xodus, Steve Swindell (photo: Xodus)

Xodus Group, the engineering and advisory consultancy is welcoming Subsea 7 as a new shareholder.

Subsea 7, which will add value through its subsea expertise and experience, has agreed to acquire a 60% interest and existing shareholder, Chiyoda Corporation of Japan, will retain a 40% interest. With support from both parent companies, Xodus will enhance its capability, whilst continuing to operate independently, providing unbiased engineering and advisory services to the energy industry and offering objective advice to its clients to help them maximise their returns.

Xodus, headquartered in Aberdeen, has had a positive start to 2018, securing more than GBP 6 million of contracts across the oil and gas and renewables sectors and is experiencing resurgence in front end engineering projects as the North Sea market demonstrates further recovery. It recently expanded into Egypt and manages a significant portfolio of global life-of-field projects through its London, Aberdeen and international operations.

Steve Swindell, managing director of Xodus says, “We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus. We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides.”

Demand for decommissioning, subsea and environmental services has enabled Xodus to recruit more specialists in recent months. The company has also invested in a number of new technology solutions which are solving some of the complex challenges the energy industry faces.

Swindell adds, “The confidence of our investors is an indication of the hard work and efforts achieved by the whole Xodus team during a particularly challenging time for the industry. We are looking forward to the further opportunities that 2018 will bring.”

Tags: Subsea 7, Xodus Group




Advertisment:

Comments on this page are closed.

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml