Subsea technology company Optime Subsea Services has announced its plans to merge with engineering firm Telemark Technologies to speed-up cost-saving subsea installation solutions for the global oil and gas market.
Optime Subsea Services aims to save 80% on subsea tree installations and more than 60% on plug and abandonment operations using its rig-less and modular multiCompletionSystem (mCS).
Along with this merger, Norwegian industrial investment company Holta Invest will become a significant shareholder in Optime Subsea Services.
Holta Invest owner and chairman Kjetil Holta said: “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.”
The merged company will be called Optime Subsea Services and all its co-founders will continue in their individual senior management roles.
It will also become the second biggest shareholder of fabrication company Berget.
Jan-Fredrik Carlsen will be CEO of the merged company.
The merged entity will be located at the Telemark Technology Park at Notodden, Norway and have an office in Houston, US.
Optime Subsea Services was founded to provide cost-effective technological solutions to the oil industry and to minimise risk.
Telemark Technologies is a specialised supplier of technical and optimised pressurised vessel systems for testing operations of subsea, marine, defence, aviation and similar kind of manufacturing technology.
Carlsen said: “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.”