Subsea 7 and Richtech forming Subsea Engineering Solutions (SES)
Subsea 7 Inc (OSE Symbol: SUB), one of the world's leading subsea engineering and construction companies, and Richtech International Holding Inc, a Chinese engineering consultancy, today announced formation of a joint venture company to provide subsea front-end engineering and design (FEED), detailed design, integrity management and engineering consulting services to operators. The company will be known as Subsea Engineering Solutions (SES).
To lead this new venture, Jeffery Measamer has been appointed as President of Subsea Engineering Solutions. He has over 30 years experience in the international oil and gas engineering sector, most recently in Houston with MCS and Technip, where he held senior management positions.
The new start company will have offices in Houston, USA and in Shanghai, China. In Houston, it shall be located in Subsea 7's Timberway One office complex in the energy corridor, while in Shanghai, SES shall have a dedicated office space within the Richtech building.
Subsea 7's objective in the formation of SES is to extend its service offering to clients and expand its capability to provide engineering support, in particular to the increasing number of deepwater Engineering, Procurement, Installation and Commissioning (EPIC) projects being undertaken by the global oil and gas industry.
SES will combine Subsea 7's extensive heritage of subsea engineering experience with Richtech's wide ranging engineering expertise, enabling the new company to become a leading provider of subsea engineering services to clients. Drawing on the combined strengths of the two partner companies, SES will provide enhanced subsea capabilities and a comprehensive set of market offerings in the disciplines of pipelines, structures, field layouts and controls for the construction and operation of subsea assets. The company will also benefit from access to the Subsea 7 and Richtech worldwide client networks, but will operate independently under its own brand.
Bill Boyle, Vice President of Subsea 7's North and Central America (NACA) region commented: "SES will provide its clients with a new and unique service offering, with a value/cost proposition that will challenge the current established market for subsea engineering services. I am delighted that this global business has started its life in Houston and has already attracted great interest from existing and new customers."
