By Dominic Chopping

Norway's Aker Solutions ASA (AKSO.OS) and Italy's Saipem S.p.A. (SPM.MI) have Friday agreed to team-up on global subsea oil and gas development projects.

The companies said they will identify opportunities where they can combine capabilities in subsea products and technologies with engineering, procurement, construction and installation of subsea infrastructures.

"We will team up with Saipem on targeted projects, providing integrated solutions that will...reduce development time and lower operating costs," said Luis Araujo, Chief Executive of Aker Solutions.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

December 18, 2015 03:27 ET (08:27 GMT)

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