Five subsea industry leaders have launched a new subsea company in Houston, with an investment of $150m coming from private equity investor HitecVision.
The new subsea company, Underwater Integrity Solutions (UIS), will primarily focus on underwater integrity, production assurance, and life extension aspects for subsea fields.
By purchasing businesses and forming strategic collaborations, UIS will build an independent and global company solely focused on integrity and production assurance.
The company aims at increasing the financial return of the operators on their subsea assets over their operational life.
UIS will not any own ships or other pieces of huge capital equipment.
UIS chief executive officer Bill Boyle said globally there are around 5,000 operational subsea wells, with almost 7,000 predicted by the year 2020.
At present, subsea global annual operating expenditure is said to be around $10bn, with further chances of increasing to grow over the next few years.
UIS aims to cut subsea operating costs and increase efficiency, while providing independent underwater integrity and production assurance solutions.
The company has been formed by CEO Bill Boyle, chief financial officer Mark Webster and chief operating officer Guido Bressani in Houston; and chief commercial officer Neill Kelly and chief technology officer Geoff Fisher in Aberdeen.