Subsea 7 SA Sells Off Pipelay Vessel Amid Competition Concerns
18 August 2011The UKís Office of Fair Trading (OTF) has agreed not refer the merger between Subsea 7 and Acergy SA, now Subsea 7 SA, to the UKís Competition Commission, provided the company unloads its Acergy Falcon pipelay vessel. The announcement comes after the merger raised competition concerns in the North Sea.
An investigation into the merger by the OTF found that Acergy S.A. and SubSea 7 Inc were two of the three major companies competing for small diameter rigid pipelay projects in the North Sea. The OTF, however, suggested that if the company divests its Acergy Falcon, the companyís rigid pipelay vessel, it would remedy any possible competition concerns.
As a result, Subsea 7 S.A. will be selling the Acergy Falcon to Grup Servicii Petroliere SA (GSP), following completion of the vesselís current commitments.
Falcon is a highly versatile DNV classed pipelay vessel, 153 meters long, and capable of installing rigid pipelines up to 14 inch diameter and also flexible flowlines and umbilicals.
GSP expects to take delivery of the vessel in September 2011 and will rename it GSP Falcon.