Norwegian subsea specialists to merge

Optime Subsea Services and Telemark Technologies have agreed to merge.

Optime Subsea Services plug and abandonment stack
Optime Subsea Services plug and abandonment stack

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 onsubsea 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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