Saipem, Chiyoda and Xodus establish new early-stage subsea engineering company
Saipem, the Xodus Group and Chiyoda Corporation have joined forces to establish a standalone company to support the growing activity in the subsea field development sector.
The new company, named Xodus Subsea, will provide studies, engineering and consultancy services focusing mainly on the early phase of the projects, such as front-end engineering, conceptual studies, and basic design.
Saipem will own a 50% share of the firm, with consultancy provider Xodus and engineering firm Chiyoda owning 40% and 10%, respectively.
The new company will be based in London and operations will start immediately, with Saipem managing the bidding and the execution of engineering, procurement, construction and installation contracts on subsea and pipeline projects.
“We believe that the subsea sector is continuing to grow and through this partnership, Saipem will gain an early understanding on how future projects are being developed,” said Saipem CEO, Umberto Vergine. “We will then be able to anticipate market needs supporting our clients through new technology, improved operations and the whole subsea development chain of activity.”