Subsea 7, which will add value through its subsea expertise and experience, has agreed to acquire a 60% interest and existing shareholder, Chiyoda Corporation of Japan, will retain a 40% percent interest.
With support from both parent companies, Xodus will enhance its capability, whilst continuing to operate independently, providing unbiased engineering and advisory services to the energy industry and offering objective advice to its clients to help them maximise their returns.
Xodus, headquartered in Aberdeen, has had a positive start to 2018, securing more than £6 million of contracts across the oil and gas and renewables sectors and is experiencing resurgence in front end engineering projects as the North Sea market demonstrates further recovery. It recently expanded into Egypt and manages a significant portfolio of global life-of-field projects through its London, Aberdeen and international operations.
Steve Swindell, managing director of Xodus said: “We increased our engagement with Asian and Japanese E&P clients after we welcomed Chiyoda as a shareholder in 2013. We are now excited to have Subsea 7 as a new shareholder to enhance the future development of Xodus. We have a robust plan in place for growing key areas of our business and the confidence and backing of our joint shareholders will enable us to reach our ambitions whilst maintaining our independence and multi-discipline expertise from subsurface to topsides.”
Demand for decommissioning, subsea and environmental services has enabled Xodus to recruit more specialists in recent months. The company has also invested in a number of new technology solutions which are solving some of the complex challenges the energy industry faces.
Mr Swindell added: “The confidence of our investors is an indication of the hard work and efforts achieved by the whole Xodus team during a particularly challenging time for the industry. We are looking forward to the further opportunities that 2018 will bring.”