The Norwegian offshore company DSND Subsea and Halliburton Subsea have signed a letter of intent stating that they intend to merge their underwater activities from 1 January 2002. The two companies will each own 50% of the new company. Owing to new technology for underwater production and increased development of smaller satellite fields, the two companies expect to see the market for installation of underwater production equipment increase by 100% over the next five years. The new company, which will have 4000 employees, will have a head office in Aberdeen, with regional bases in Norway, Singapore, Brasil and the US. The new subsea giant will operate 23 advanced ships, covering deep sea pipe laying, deepwater construction, diving operations and sub-sea exploration, as well as 100 remote controlled mini subs.
