The companies will through a joint work group identify opportunities where they can create value for customers by combining Aker Solutions' capabilities in subsea products and technologies with Saipem's assets and expertise in engineering, procurement, construction and installation of subsea infrastructures.

"We will team up with Saipem on targeted projects, providing integrated solutions that will enable our clients to make the most of their upstream investments, reduce development time and lower operating costs," said Luis Araujo, chief executive officer at Aker Solutions.

The companies will engage with clients from the initial concept and design phase to promote total system engineering, providing the best solutions for construction, operations and maintenance. The collaboration will develop and manage all interfaces between subsea production systems and subsea umbilical, riser and flowline systems (SURF) as well as provide services over the lifetime of a field.

"Thanks to our cooperation with Aker Solutions our clients will have access to a wealth of complementary capabilities and resources from the earliest phases of the projects," said Saipem Chief Executive Officer Stefano Cao. "This joint effort will support efficient subsea development."