Subsea 7 S.A. announces an internal reorganisation and changes to its segmental reporting structure

Subsea 7 S.A. announces an internal reorganisation and changes to its segmental reporting structure

Subsea 7 S.A. (Oslo Børs: SUBC) announces that,with effect from 1 January 2015, it will be changing the organisational structure of its
business to better align it to the Group’s strategic priorities. The changes are also designed to further strengthen the Group’s execution capabilities and competitiveness.

The new organisational and segmental reporting structure will comprise two Business Units,which replace the existing four geographical Territories, and a Corporate segment.

The Northern Hemisphere and Life of Field Business Unit will comprise:

      – UK and Canada Region
      – Norway Region
      – Gulf of Mexico Region
      – Life of Field Business
      – i-Tech Division
  • The Life of Field Business and i-Tech Division will be managed globally.
  • The Southern Hemisphere and Global Projects Business Unit will comprise:

        – Africa Region
        – Asia Pacific and Middle East Region
        – Brazil Region
        – Global Projects
  • The Corporate segment will continue to be reported separately and remains unchanged.
  • The Northern Hemisphere and Life of Field Business Unit and the Southern Hemisphere and Global Projects Business Unit will be led respectively by Executive Vice Presidents Steve Wisely and Øyvind Mikaelsen who will both report to John Evans, Chief Operating Officer.

    In recognition of his new responsibilities, Øyvind Mikaelsen will join the Executive Management Team of the Group, effective 1 January 2015.

    Jean Cahuzac, Chief Executive Officer, said:
    ‘The new organisational structure will more closely align the organisation to our strategic priorities. The newly-formed Global Projects Centres for managing the Group’s largest and most complex projects will increase flexibility and foster consistency of project execution. Managing the Life of Field Business on a global basis will allow us to expand this business both in terms of its service offering and geographical presence. These organisational changes will also reduce costs, improve our flexibility to manage resources and enhance our ability to adapt to the near term reduction in activity we foresee in certain geographical areas. I am pleased to welcome Øyvind Mikaelsen, in his new role, to the Group’s Executive Management Team.’

    Source: Subsea 7 S.A.
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