Energy consultancy Xodus Group has signed a partnership deal with Saipem of Italy and Chiyoda of Japan to launch a new subsea engineering company.
Xodus Subsea will provide studies, engineering and consultancy services focusing mainly on the early phase of the projects, including front-end engineering, conceptual studies and basic design.
Xodus Subsea will remain an autonomous self-sustaining company with its own resources and assets, while Saipem will continue to manage the bidding and the execution of EPCI contracts on subsea and pipeline projects.
Saipem owns a 50% share in the new venture, with Xodus Group retaining a 40% stake and Chiyoda owning the remaining 10%.
The new company, headquartered in London, will start operations immediately.
