The new JV will build on the “subsea integration alliance” the two companies announced in 2015. Through the new company, Schlumberger and Subsea 7 intend to offer integrated offshore services and directly compete with TechnipFMC.
According to the Norwegian Petroleum Directorate, Norway holds 40% or 7.1 billion boe more undiscovered hydrocarbon resources than previously estimated. The upgrade came after reevaluating the northern part of the Barents Sea and including additional acreage near the Russian border. Undiscovered resources constitute around 47% of remaining Norwegian shelf resources.