Subsea 7
Encyclopedia
Subsea 7 S.A. is a subsea engineering
and construction
company. Registered in Luxembourg
and with its headquarters in London
in the United Kingdom
, the firm assumed its current form in January 2011 when Acergy S.A.
acquired George Town, Cayman Islands
-based Subsea 7, Inc.
The largest shareholder of the company is Siem Industries with around 20%.
Acergy was founded in 1970 as Stolt Nielsen Seaway, a division of the Norwegian Stolt-Nielsen Group
offering divers for the exploration of the North Sea
. After a series of acquisitions, including Comex Services of France in 1992 and Houston, Texas
-based Ceanic Corporation in 1998, the company changed its name to Stolt Offshore in 2000. Five years later Stolt-Nielsen spun out
the company as an independent business listed on the Oslo Stock Exchange
and NASDAQ
. The firm renamed as Acergy in March 2006.
Subsea 7, Inc. was the result of a series of mergers between DSND, Halliburton Subsea
, Subsea Offshore and Rockwater over an extended period, with Rockwater and SubSea merging in 1999 to form Halliburton Subsea, and the resulting company merging with DSND in 2002 to form Subsea. The company was listed on the Oslo Stock Exchange
in August 2005 following its restructuring
the same year.
On June 21, 2010 it was announced that Acergy would acquire Subsea 7 for US $2.5 billion, a deal which was completed on January 7, 2011. The new entity took the Subsea 7 name while retaining Acergy's Luxembourg domicile
and operational headquarters in London. The chairman and chief executive
roles were filled by Kristian Siem and Jean Cahuzac, who had previously held the same roles at Subsea 7 and Acergy respectively.
Engineering
Engineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
and construction
Construction
In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
company. Registered in Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
and with its headquarters in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, the firm assumed its current form in January 2011 when Acergy S.A.
Acergy
Acergy S.A. was an international offshore seabed to surface engineering and construction company previously known as Stolt Offshore and Stolt Comex Seaway and was part of the Stolt-Nielsen Group until 2005...
acquired George Town, Cayman Islands
George Town, Cayman Islands
George Town, Grand Cayman, is the capital of the Cayman Islands, in the British West Indies. The city has a population of 35,600 and is the largest city on Grand Cayman....
-based Subsea 7, Inc.
The largest shareholder of the company is Siem Industries with around 20%.
History
The company was formed by the January 2011 combination of its two predecessor companies, Acergy S.A. and Subsea 7, Inc.Acergy was founded in 1970 as Stolt Nielsen Seaway, a division of the Norwegian Stolt-Nielsen Group
Stolt-Nielsen
Stolt-Nielsen Limited is a Norwegian-Bermudean shipping and seafood company. The company has its headquarters formally in London although most of its operations are in Rotterdam, it is listed on Oslo Stock Exchange.-Stolt Tankers:...
offering divers for the exploration of the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
. After a series of acquisitions, including Comex Services of France in 1992 and Houston, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
-based Ceanic Corporation in 1998, the company changed its name to Stolt Offshore in 2000. Five years later Stolt-Nielsen spun out
Spin out
A spin-out, also known as a spin-off or a starburst, refers to a type of corporate action where a company "splits off" sections of itself as a separate business....
the company as an independent business listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
and NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. The firm renamed as Acergy in March 2006.
Subsea 7, Inc. was the result of a series of mergers between DSND, Halliburton Subsea
Halliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
, Subsea Offshore and Rockwater over an extended period, with Rockwater and SubSea merging in 1999 to form Halliburton Subsea, and the resulting company merging with DSND in 2002 to form Subsea. The company was listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
in August 2005 following its restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...
the same year.
On June 21, 2010 it was announced that Acergy would acquire Subsea 7 for US $2.5 billion, a deal which was completed on January 7, 2011. The new entity took the Subsea 7 name while retaining Acergy's Luxembourg domicile
Domicile (law)
In law, domicile is the status or attribution of being a permanent resident in a particular jurisdiction. A person can remain domiciled in a jurisdiction even after they have left it, if they have maintained sufficient links with that jurisdiction or have not displayed an intention to leave...
and operational headquarters in London. The chairman and chief executive
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
roles were filled by Kristian Siem and Jean Cahuzac, who had previously held the same roles at Subsea 7 and Acergy respectively.