Norwegian subsea specialists to merge

Offshore staff

NOTODDEN, Norway – Optime Subsea Services and Telemark Technologies have agreed to merge.

Optime’s rig-less and modular multiCompletionSystem (mCS) is said to provide up to 80% cost savings on subsea tree installations and more than 60% on P&A operations.

CEO Jan-Fredrik Carlsen said: “Our system consists of several modules. As a consequence of its modularity… the same system can handle all phases of a subsea well’s lifetime, from installation to plugging and abandonment.

“The modules can save $1-2 million per vertical subsea tree installation and $7-12 million for plugging and abandonment of each well.”

Telemark supplies pressurized vessel systems for testing operations subsea and other industries. It has also developed a subsea pump and can provide engineering, maintenance, and assembly of subsea equipment.

Norwegian industrial investment company Holta Invest will become a significant shareholder in the merged company, which will retain the name Optime Subsea Services, and will be based in Norway’s so-called “Subsea Valley” industry cluster.

Optime Subsea Services will also become the second biggest shareholder of fabrication company Berget.

10/11/2016

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