| Type | Société Anonyme (OSE: SUBC, NASDAQ: SUBC) |
|---|---|
| Industry | Petroleum |
| Founded | 2002 |
| Headquarters | Hammersmith, London, United Kingdom |
| Key people | Kristian Siem (Chairman), Jean Cahuzac (CEO) |
| Products | Offshore engineering and construction |
| Revenue | US $2.369 billion (2010)[1] |
| Operating income | US $436.1 million (2010)[1] |
| Profit | US $265.4 million (2010)[1] |
| Total assets | US $2.990 billion (November 2010)[1] |
| Total equity | US $1.259 billion (November 2010)[1] |
| Employees | 12,490 (January 2011)[1] |
| Website | www.subsea7.com |
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%.
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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 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.[2] The company was listed on the Oslo Stock Exchange in August 2005 following its restructuring the same year.[2]
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.[3] 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.
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