Baker Hughes, Aker Solutions form Subsea Alliance

Oil services firms Baker Hughes and Aker Solutions (AKSO.OL) agreed on Tuesday to form an alliance to develop subsea production solutions to boost recovery rates at a lower cost in offshore fields.

"The non-incorporated alliance will combine Aker Solutions' strengths in subsea production and processing systems with Baker Hughes' expertise in well completions and artificial-lift technology," the two firms said in a joint statement.

Reporting by Balazs Koranyi