PSN (Production Services Network), an independent oil and gas service company, is the latest organization to join the Industry's Technology Facilitator, ITF.
Bringing global membership to 21, PSN is the sixth service contractor to recognize the value of ITF's technology development process.
ITF's managing director Neil Poxon said, "We are delighted to welcome PSN to ITF and look forward to a long term and meaningful relationship with such a global player in the oil and gas sector. PSN will add significant value to our current portfolio of members."
PSN provides a full range of services, from engineering and construction, to operations, maintenance and decommissioning, to enhance the performance and extend the life of energy assets around the world. With a global network of over 8,500 people in 20 countries, PSN has an excellent operational track record and enjoys an enviable reputation for safety and integrity.
Continuing, Neil said, "The key to technology development is to ensure we engage with the broader industry, and this new relationship with PSN underlines our commitment and determination to achieving this objective."
PSN is the fourth industry organization to join ITF in the last 12 months, following Smith International, Aramco Services (a subsidiary of Saudi Aramco), and Petronas, Asia's largest and most profitable oil and gas operator.
The continued expansion of ITF highlights the industry's on-going commitment to technology research, development and deployment of innovative technologies.
Neil Baird, PSN's improvement delivery manager has been appointed the company's ITF representative and will be responsible for day-to-day contact with ITF and internal liaison with PSN's technology users.
He said, "We are thrilled to become the first engineering, construction, operations and maintenance contractor to join ITF and to participate in the advancement of technology development for the global oil and gas industry.
"We at the forefront of technology innovation within our market and hope to consolidate our success by working with ITF to develop technologies that ensure a sustainable future for our industry."
A not for profit organization owned by 21 major operator and service company members, ITF identifies exploration and production (E&P) technology needs and facilitates the development of new technologies by establishing JIPs with up to 100% funding available for successful, innovative technology proposals.
To date ITF has been responsible for delivering over 135 collaborative and revolutionary oilfield technology projects with direct membership funding in excess of £39 million. ITF's current portfolio consists of 44 ongoing projects linked to £20 million of member investment.