Two European Oilfield Service Companies Join Forces

Norway’s Aker Solutions and Italy's Saipem announced on Friday that they have agreed to cooperate on targeted subsea oil and gas development projects, aiming to increase efficiency in the competitive oilfield services industry. 

The Norwegian company will contribute with its subsea products and technologies, while Italian Saipem will bring its expertise in engineering, procurement, construction and installation of subsea infrastructures, the companies said. 

"We will team up with Saipem on targeted projects, providing integrated solutions that will enable our clients to make the most of their upstream investments, reduce development time and lower operating costs," Luis Araujo, chief executive officer at Aker Solutions, said in a statement.

In this way, the two European companies will be able to offer a complete package to clients, from the initial concept to the services over the lifetime of a field.

“Thanks to our cooperation with Aker Solutions our clients will have access to a wealth of complementary capabilities and resources from the earliest phases of the projects," Saipem Chief Executive Officer Stefano Cao said.

In 2014, Aker reported a net profit of NOK 1,300 million (€137 million), while Saipem reported a net loss of €230 million. In revenue terms, the Norwegian company registered NOK 48,289 million (€5098 million) and Saipem €12,873 million.