New subsea integrity-focused firm Underwater Integrity Solutions will use a large portion of its initial $150-million investment to make a handful of acquisitions that will define the company, its CEO told Rigzone during OTC week.
Monday saw UIS announce its launch at Houston's 2015 Offshore Technology Conference. The firm – which has its headquarters in Houston and an office in Aberdeen – will focus on underwater integrity, product assurance and life extension for subsea fields.
UIS CEO Bill Boyle explained in an interview with Rigzone that, although there were hundreds of SMEs operating in the subsea integrity sector, the time was right for a company that could deliver a holistic approach to the management of subsea assets.
"There is currently not a single company that provides global joined-up thinking totally focused on subsea assets, whether it be pipelines, umbilicals or wellheads," Boyle said.
"Our focus will be total because we don't own vessels or ROVs, so our sole focus is on our clients' infrastructure. That's what we'll offer over time and in so doing we think we'll be able to take some costs out of the supply chain because it is aggregation of something that is very fragmented today."
Boyle also pointed out that a "fair bit of process improvement" is required in the sector, and that UIS can help deliver this by focusing on the process of subsea integrity between operator, consultants and small and medium-sized contractors.
Boyle said that a small amount of the $150 million investment received by the company will be used to finance the administration of UIS' business, "but the majority of the money will be used to acquire companies".
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