Subsea 7 is carrying out an organisational reshuffle that it says will help it better align with its strategic priorities, while also helping to reduce costs and improve efficiencies in light of the near-term reduction in activity it is forecasting for certain regions.
As of 1 January 2015 the changes, which it also says will “further strengthen the group’s execution capabilities and competitiveness”, will see the company reshaped into two Business Units, replacing its current existing four geographical territories, as well as a corporate segment.
The ‘Northern Hemisphere and Life of Field Business Unit’ will comprise Subsea 7’s existing UK and Canada, Norway, and Gulf of Mexico business regions, as well as its Life of Field business and 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 the existing Africa, Asia Pacific, Middle East and Brazil business regions, as well as 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, both reporting to John Evans, chief operating officer.