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Baker Hughes linked with Subsea 7 takeover

Baker Hughes linked with Subsea 7 takeover
General Electric's Baker Hughes recently held takeover talks with energy services company Subsea 7, the Wall Street Journal has reported.

Talks broke down but could be revived, the newspaper claimed.

Norway's Subsea 7 said in a release it has a policy not to comment on speculation or rumoours.While the offshore downturn has seen many of its peers go dormant of late, Subsea 7 has had a very active year to date. In late June, of instance, Subsea 7 picked up a number of businesses from EMAS Chiyoda Subsea, the subsea joint venture led by Singapore's Ezra Holdings before it filed for chapter 11 in February.

Subsea 7 paid less than $100m in total, including its contribution to the debtor in prossession credit facility, to acquire the businesses, the ingleside spoolbase and sundry other assets.

The acquisition adds around $850m of order backlog for Subsea 7, with $750m of the backlog due in 2017 and 2018.

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