ABB and Schlumberger form new joint venture company

Schlumberger and ABB announced the creation of Syntheseas, a new joint venture company targeted at improving the efficiencies and economics of subsea oil and gas development. According to the announcement, made at the Offshore Technology Conference (OTC) in Houston, the new company will combine the expertise of ABB and Schlumberger to create integrated upstream solutions for subsea oil and gas development.
Syntheseas will offer innovative solutions from a range of ABB and Schlumberger technologies, products and services from reservoir evaluation and development, subsea production through to topside facilities. In addition the company will also provide life of field management expertise. Syntheseas will utilize preferred supplier relationships for drilling rig and installation services.

Gorm Gundersen, executive vice president and head of ABB's oil, gas and petrochemicals division, stated: "The key to establishing the new company is the seamless integration of ABB and Schlumberger technologies. The combined venture will also allow joint technology development to provide new integrated systems. We intend not only to meet specific contracts, but also respond to overall market needs by addressing existing technology gaps."
"Syntheseas will focus on providing customers with innovative field development solutions to improve reserve recoveries from subsea fields," said Andrew Gould, Schlumberger Oilfield Services executive vice president. "Because we are a single-point-contracting entity, we can supply everything that's needed from reservoir to delivery point, through goal-aligned contract terms."
The new company's executive team includes President Svein Kjellesvik, Vice President Commercial & Contracts Tor-Inge Baldersheim, Vice President Operations/QHSE Curtis W. Jones and Vice President Marketing & Technology Alan McGovern.

Syntheseas is an ABB and Schlumberger company that works together with clients in the oil and gas industry to provide offshore solutions from reservoir to point of delivery. The company is headquartered in London and operates globally with teams based in London, Houston and Aberdeen.

Schlumberger Oilfield Services, a business segment of Schlumberger, is the leading supplier of services and technology to the international petroleum industry and operates offices, service locations, and research and development facilities around the world. Schlumberger is a global leader in technical services spanning the oil and gas, utility, semiconductor, smart cards, network and Internet solutions industries. Schlumberger revenue was $ 9.61 bn in 2000.

The ABB oil, gas and petrochemicals division focuses on systems, products and services for oil and gas exploration both offshore and onshore, and the development and supply of offshore production installations, refineries and petrochemical plants worldwide. The ABB Group serves manufacturing, process and consumer industries, utilities, the oil and gas markets, with 160,000 employees in more than 100 countries.