Italian oil service group Saipem said on Thursday it had set up a venture with energy consultant Xodus Group and Japanese engineering company Chiyoda to develop business in the subsea sector.
Saipem, 43 percent controlled by Italian oil major Eni , said the new company called Xodus Subsea would provide services focusing on the early phase of projects.
"We believe that the subsea sector is continuing to grow and through this partnership Saipem will gain an early understanding on how future projects are being developed," Saipem CEO Umberto Vergine said in a statement.
Saipem owns 50 percent of the venture while Xodus has 40 percent and Chiyoda 10 percent.
Xodus Group is majority owned by Chiyoda.
Reporting by Stephen Jewkes