By acquiring 100% of Ventura’s outstanding shares, SED Energy Holdings would scale its business into a combined $1 billion company backed by a $1.3 billion contract backlog focused on deepwater drilling, shallow-water tender rigs, and seismic acquisition.

Plans call for the Greensand project to store 400,000 tonnes of carbon dioxide annually, with the potential to store up to 8 million tonnes annually at full capacity.

Shell is continuing to reshape its portfolio with the sale, which includes its interest in the BP-operated Na Kika platform and the Coulomb tieback.