The world’s largest oilfield services company, Schlumberger Ltd., is merging its subsea oil and natural gas construction business with Aker Solutions ASA and bringing aboard rival Subsea 7 ASA to improve offshore efficiencies and reduce carbon emissions for offshore customers.

The joint venture portfolio would be technology-driven, combining subsea gas compression, all-electric production systems and other electrification capabilities to help customers reduce costs, as well as their carbon dioxide (CO2) emissions.

“As investment in the offshore market, particularly in deepwater, continues to increase, our customers will benefit from enhanced services that leverage digital and technological innovation to drive improved subsea asset performance, while increasing energy...