Aberdeen’s Xodus Group, Italy’s Saipem and Japan’s Chiyoda have joined forces to create a new subsea engineering company that aims to rival the sector’s largest players.
The launch of Xodus Subsea comes at a time of intensely rising pressure on costs as well as talk of possible consolidation on the horizon.
Xodus Subsea, which is to be headquartered in London, is owned 50% by tier-one subsea contractor Saipem, 40% by energy consultancy Xodus and 10% by engineering contractor Chiyoda.
The
