Underwater Integrity Solutions gets $150 million as the new subsea integrity firm is launched at Houston's Offshore Technology Conference.
A new subsea integrity technology business is being launched Monday at Houston's Offshore Technology Conference. The company – called Underwater Integrity Solutions – will focus on underwater integrity, product assurance and life extension for subsea fields.
Houston-based UIS will receive $150 million of equity from European private equity oil and gas investor HitecVision to finance the initial growth phase of the company. UIS has been founded by five subsea industry veterans, who have a combined 140 years' experience in the sector. They intend that the firm acquires other businesses and forms strategic partnerships in order to build an independent and global company that is focused solely on helping to maximize oil and gas operators' financial return on their subsea assets.
UIS CEO Bill Boyle commented in a company statement:
"UIS is launching at a time when the trend for operations in deeper water and in more hostile environments is continuing. There are about 5,000 operational subsea wells around the world with almost 7,000 predicted by 2020. Subsea global annual operating expenditure is currently around $10 billion and expected to grow strongly over the course of the next few years.
"Today, there is a need to significantly reduce subsea operating costs and increase efficiency and hence value from subsea fields. Against that background, the UIS vision is to become a leading provider of independent underwater integrity and production assurance solutions. Our independence, global presence and sole focus on subsea integrity and assurance will be our competitive edge, differentiating UIS from what is currently being offered in the marketplace."
UIS will operate on both sides of the Atlantic. Along with Bill Boyle, CFO Mark Webster and chief operating officer Guido Bressani will work out of the Houston headquarters while chief commercial officer Neill Kelly and chief technology officer Geoff Fisher will be based at the firm's Aberdeen site.
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