Optime Subsea Services AS to merge with Telemark Technologies AS

In addition to the merger, renowned Norwegian industrial investment company Holta Invest AS has announced that it will become a significant shareholder in Optime Subsea Services.

“Optime Subsea Services’ solutions primarily consist of leveraging existing technology and integrating this into a new system, based on cost effective and standardised components. In addition to being more cost-efficient, the solutions provide far more robust and secure operations. We strongly believe in this and that operators are ready for the company’s modular system which meets the need for cost savings in all phases of a field's lifecycle,” says Kjetil Holta, owner and chairman of Holta Invest AS.

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, which is part of the “Subsea Valley” industry cluster in Norway. The company also has an office in Houston, USA.

Optime Subsea Services was founded on a strategy to provide more cost-efficient solutions for the oil industry. The company's innovation not only addresses the development of new technology, but also how to best utilise existing components – all to reduce risk and cost.

Telemark Technologies is a specialised supplier of highly technical and optimised pressurised 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 new Optime Subsea Services will also become the second biggest shareholder of fabrication company Berget AS.

“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.

Optime Subsea Services has developed a modular system for well completions which they call the "multiCompletionSystem" (mCS). As a result of the merger, the company has already started construction of the system. This means that the company in 2017 will be able to provide significantly more cost effective services for well access, specifically for well stimulation and increased oil recovery.

“Our system consists of several modules. 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 US$7 - 12 million for plugging and abandonment of each well,” says Jan-Fredrik Carlsen.

Two of the modules in Optime Subsea Services’ mCS well completion system is the installation and work-over module «Light Completion Intervention System» and a «Remote Operated Completion System».

The Light Completion Intervention System module (LCIS) provides 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 today’s favored and more expensive solution of using 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 Remote Operated Completion System (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. This eliminates the need for an umbilical in the marine riser, representing significant cost saving as well as freeing up vital space topside caused by a traditional umbilical reel. The ROCS will therefore eliminate one of today’s most costly and time consuming challenges related to downtime due damage of the control umbilical.

“Today's market is characterised by a reduction in new field developments and installations, but a greater focus on intervention and increased recovery from producing fields. The module we are currently building offers exactly this; increased production from existing wells. Additionally, we are meeting international operators' increased demand for decommissioning and abandonment of wells. The latter is a significant liability and cost, but our rig-less system reduces these by at least 60%, concludes Carlsen.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/11102016/optime-subsea-services-as-to-merge-with-telemark-technologies-as/