Aberdeen energy service firm Xodus Group has teamed up with Japan’s Chiyoda Corporation and Italy’s Saipem to create what is hoped will become a global oil and gas subsea giant.
Xodus chief operating officer Steve Swindell, who will be on the board of Xodus Subsea, said the move represented a £4.3million-plus investment aimed at capturing a large slice of work in the global subsea sector.
He added: “We have looked at the market and we believe that by going for a 10% share we can create something quite big here.”
Yokohama-based engineering company Chiyoda, which last year acquired a majority stake in Xodus, is trying to expand its subsea capability, particularly in Japan, Mr Swindell said.
The new company will initially employs about 200 people but the aim is to grow the workforce to more than 1,000 within five years.
It will be headquartered in London, with operations in Aberdeen, Norway, France, Italy, the US, Dubai and Australia.
Xodus Group said the new venture would take on the largest existing “tier one” subsea engineering companies.
A combination of Xodus Group front-end engineering capability, Saipem’s engineering, procurement, construction and installation expertise and Chiyoda’s experience in managing large scale international projects will deliver a “unique approach to technical subsea challenges”, it added.
The new business will be led by Matt Kirk, Americas’ regional director for Xodus Group, who will take up the new position of Xodus Subsea managing director, with other key positions being filled by managers from all three companies.
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