A new oilfield consultancy has been launched by GE Oil & Gas and McDermott International to “transform the development of front-end solutions for offshore fields.”
Io oil & gas consulting, deliberately spelled without capital letters by the firms, is based in London and headed by CEO Dan Jackson and Mark Dixon as Chief Technology Officer, both formerly of DeepSea, bought by McDermott in 2013, and Baker Hughes' Tony McAloon as Chief Operating Officer. Oliver Dixon, who most recently worked with GE Oil & Gas, will be Chief Financial Officer.
Image: The new io team. Photo from io.
The creation of the firm follows a number of other recent new venture companies, hoping to offer a full-field services to operators, such as OneSubsea, which brought together Cameron and Schlumberger’s Framo division. As well as new joint ventures, companies have also been forming alliances, such as Aker Solutions’ and Baker Hughes’ subsea production alliance.
Jackson, who founded DeepSea in 2000, which was bought by McDermott in 2013, says: “The oil and gas industry is a vital component in the global energy mix, but increasing complexity of offshore field developments and the decline in oil price is challenging traditional ways of working. Now is the ideal time to launch io.” Mark Dixon worked at DeepSea with Jackson, before also joining McDermott on its acquisition.
The company says io will redefine the traditional relationship between clients and contractors and, “unlike any other consultancy in the market today, io will consider the full field as one system with the technical insight to develop every aspect of the front-end solution.”
io’s offer will range from portfolio evaluation, exploration and planning support, appraisal and feasibility, conceptual engineering and FEED to the final investment decision, especially in new, deepwater developments, by “leveraging the contractor community knowledge base.”
The firm has plans to open satellite offices in the US and Asia.
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