Subsea 7’s joint venture with drilling giant SLB and Norway’s Aker Solutions is one step closer to completion.

The proposed outfit — the Subsea Integration Alliance — has received antitrust approvals in Brazil, Angola, Mozambique, Australia, Norway, the UK and the US, clearing the way to close the deal later this year.

The company is expected to help its offshore oil and gas customers drill oil more quickly while lowering development costs and easing decarbonisation efforts.