Optime Subsea Services, subsea technology company, will merge with engineering house Telemark Technologies to fast-track its subsea installation solution.
Telemark Technologies is a supplier of pressurized vessel systems for testing operations of subsea, marine, defence, aviation and similar type manufacturing technology. The company has also developed a subsea pump and it possesses considerable expertise in engineering, maintenance and assembly of subsea equipment.
The merged company will be called Optime Subsea Services. Jan-Fredrik Carlsen will continue in his role as CEO, while the five other co-founders of Optime Subsea Services continue in senior management roles. The merged company will be located at the Telemark Technology Park at Notodden, Norway, and will also become the second biggest shareholder of fabrication company Berget.
“The combination of Optime Subsea Services’ solutions, Telemark Technologies’ engineering competence and Berget’s machining and fabrication capacity, with its electronics know-how, provides us with everything we need to be able to deliver globally immediately,” says Jan-Fredrik Carlsen, CEO of Optime Subsea Services.
As a result of the merger, the company has already started construction of its multiCompletionSystem (mCS), a rig-less and modular well completions system, through which Optime Subsea Services is targeting up to 80% cost saving on subsea tree installations and more than 60% on plug and abandonment operations. This means that the company in 2017 may be able to provide more cost-effective services for well access, specifically for well stimulation and increased oil recovery.
“As a consequence of its modularity – the different building blocks – the same system can handle all phases of a subsea well’s lifetime, from installation to plugging and abandonment. The modules can save US$1-2 million per vertical subsea tree installation and $7-12 million for plugging and abandonment of each well,” says Carlsen.
Two of the modules in Optime Subsea Services’ mCS well completion system is the installation and work-over module Light Completion Intervention System (LCIS) and a Remote Operated Completion System (ROCS). The LCIS is designed to provide up to 80% time and cost-savings on installation of vertical subsea trees compared to traditional solutions. It includes the possibility to install the tree, pull the tubing hanger plug and start production of a subsea well in one single operation – and even do it from a vessel instead of a drilling rig. It also allows plugging of the well without any use of a rig, including removal of the Christmas tree and wellhead. The ROCS is a module to install and pull tubing hangers on subsea trees. The ROCS has a small electrical umbilical subsea and controls the tubing hanger by communicating with a control module inside the marine riser.
In addition to the merger, Norwegian industrial investment company Holta Invest will become a significant shareholder in Optime Subsea Services.
Image: Optime Subsea Services plug and abandonment stack/Optime Subsea Services
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