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ABB takes plunge into new underwater venture

ABB looks to underwater technology


Swiss technology group, ABB, and the United States-based Schlumberger Group say they are to form a joint venture aimed at improving underwater oil and gas development.

The two companies have signed a memorandum of understanding to work together to develop new technologies and services.

Goran Lindahl, president and chief executive of ABB, said the two companies were well placed to work together. "We will combine Schlumberger reservoir evaluation, development and management experience... with ABB's sub-sea knowledge expertise.

No financial details of the deal have been released.

Schlumberger is a leader in technical services industries, including oil and gas, utilities, semiconductors, smart cards, and network and Internet solutions.

The deal marks another step in ABB's efforts to refocus itself as a technology group.

swissinfo with agencies

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