Offshore engineering group Subsea-7 has taken over an Aberdeen-based oil and gas engineering consultancy for an undisclosed sum.
Subsea-7 has acquired a 60% equity stake in Xodus Group, while the existing owner – the Chiyoda Corporation of Japan – will retain a 40% percent interest.
Xodus will continue to operate independently, providing engineering and advisory services.
It has had a positive start to 2018, securing more than £6 million of contracts across the oil, gas and renewables sectors and is experiencing ‘ a resurgence’ in front end engineering projects in the North Sea as the crude oil price recovery is encouraging more exploration and investment.
Demand for decommissioning, subsea and environmental services has enabled Xodus to recruit more specialist staff recently.
Steve Swindell, Xodus managing director, said: “We increased our engagement with Asian and Japanese E&P clients after Chiyoda came on board as sole shareholder in 2013 and we are now also excited to have Subsea 7 as a shareholder to enhance our future development.”
22 Feb 2018
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