ENI-owned Saipem, UK-based Xodus Group and Japan's Chiyoda Corporation have joined forces to create a new joint venture, Xodus Subsea, focusing on subsea engineering.
Xodus Subsea - which will stand alone from the three companies with its own resources and assets - will provide studies, engineering and consultancy services focusing mainly on the early phase of the projects, such as front end engineering, conceptual studies, and basic design, said partner Saipem.
Bringing the three companies' experience together will "create a key player in the subsea market, particularly at the high end of engineering," said Saipem.
Saipem will continue to manage the bidding and the execution of EPCI contracts on subsea and pipeline projects.
Umberto Vergine, Saipem's CEO, said: “We are very pleased to announce the founding of Xodus Subsea with Chiyoda, already a partner of Saipem in the LNG sector, and Xodus Group which has strong expertise in subsea engineering. We believe that the subsea sector is continuing to grow and through this partnership, Saipem will gain an early understanding on how future projects are being developed. We will then be able to anticipate market needs supporting our clients through new technology, improved operations and the whole subsea development chain of activity.”
Saipem will have a 50% share in the new firm, with Xodus holding 40%, and Chiyoda with 10%. The company will be based in London and it will have an international presence, including dedicated engineering centres in strategic countries, said Saipem.
Xodus Group is an international energy consultancy provider, majority owned by Chiyoda. Chiyoda is an engineering company working in energy, chemicals, petrochemicals, industrial facilities and others, and having the global top position in LNG production facilities.
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