Baker Hughes to Cooperate with Aker on Subsea Technology

US-headquartered Baker Hughes clinched an agreement with Norway-based Aker Solutions to develop technology for subsea fields.

‘The non-incorporated alliance will combine Aker Solutions' strengths in subsea production and processing systems with Baker Hughes' expertise in well completions and artificial-lift technology to deliver reliable, integrated in-well and subsea production solutions that will help mitigate risk, accelerate output and extend the life of subsea fields,’ reads a note released on Tuesday.

The aim of the alliance is to boost output, increasing recovery rates and reducing costs. 

"Deepwater subsea fields have so far been characterized by low recovery rates, and new discoveries in deeper and more hostile environments are making these fields even more costly to develop," said Martin Craighead, Baker Hughes' chairman and chief executive officer.

According to the communiqué, implementation of the alliance is subject to obtaining any required antitrust or other regulatory approvals.