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This paper proposes a hybrid-boost Modular Multilevel Converter (MMC) for the Medium-Voltage (MV) Variable Speed Drives (VSDs) employed in subsea applications, such as oil and gas recovery. In the presented architecture, a hybrid-boost MMC with a reduced number of semiconductor devices driving a multiphase Induction Machine (IM) is investigated. The stepped output voltage generated by the MMC reduces or eliminates the filtering requirements. Moreover, the boosting capability of the proposed architecture eliminates the need for bulky low-frequency transformers at the converter output terminals. A detailed illustration of the hybrid-boost MMC operation, the expected limitations/constraints, and the voltage balancing technique are presented. A simulation model of the proposed MV hybrid-boost MMC-based five-phase IM drive has been built to investigate the system performance. Finally, a downscaled prototype has been constructed for experimental verification. [ABSTRACT FROM AUTHOR]