SLB, Aker Solutions and Subsea7 announced Oct. 2 the final closing of the companies’ previously announced joint venture, OneSubsea.

OneSubsea combines SLB and Aker Solutions’ subsea businesses into one subsea production and processing technology portfolio. OneSubsea will have access to reservoir and digital domain expertise, pore-to-process integration capabilities, an extensive and strengthened R&D capabilities.

“OneSubsea’s extensive technology portfolio and engineering expertise enable us to address future market trends and needs at a unique scale,” Mads Hjelmeland, newly appointed CEO of OneSubsea, said in a press release. “We will accelerate innovation and contribute to the ambition of our customers to optimize their production and reduce emissions in their subsea operations.”

OneSubsea’s compression technology portfolio hopes to reduce the structure and capital cost of new energy reserve development. The company’s subsea production and processing technology portfolio enables long tiebacks and EOR capabilities.

OneSubsea will have headquarters in both Oslo, Norway, and Houston, Texas. SLB holds a 70% equity stake in the joint venture. Aker Solutions holds a 20% stake, while Subsea7 holds the remaining 10%.