Aker Solutions and FSubsea to Create New Company
Aker Solutions revealed Wednesday that it and FSubsea have agreed to create a new company to help operators increase oil recovery in a “faster, simpler and more environmentally friendly way”.
FASTSubsea combines Aker Solutions' “high-performance multiphase hydraulic technology” with FSubsea's “game-changing Hydromag technology” to create the world's first topside-less multiphase boosting system, according to Aker Solutions.
The pump-module solution being developed by FASTSubsea can cut CAPEX “by half” and enable subsea boosting at fields where there is no available topside space, Aker Solutions highlighted.
The agreement is subject to approval from the Norwegian competition authorities. Aker Solutions and FSubsea plan to each hold 50 percent of the outstanding shares of FASTSubsea and the board of directors at the new company will consist of an equal number of Aker Solutions and FSubsea representatives.
"Creating FASTSubsea enables us to increase our speed to the market, reduce risk and reduce investment in multiphase test facilities," Alexander Fuglesang, CEO of FSubsea, who will take on the role of managing director of FASTSubsea, said in a company statement.
John Macleod, Aker Solutions' chief technology officer, said, “combining Aker Solutions' subsea systems expertise and multiphase test facility with FSubsea's Hydromag technology and lean mindset will benefit both companies”.
"FASTSubsea has the potential to become a valuable addition to our portfolio of boosting recovery solutions,” he added.
Aker Solutions’ goal is to maximize recovery and efficiency of oil and gas assets while using its expertise to develop the sustainable solutions of the future, according to its website. The company employs approximately 15,000 people in more than 20 countries.
FSubsea was set up in Oslo, Norway, in 2013 as a spin-off from Fuglesangs Group. The company’s strategy is to provide the most autonomous, modular and robust boosting systems for the global subsea process, unmanned offshore, subsea drilling and deep-sea excavation markets, according to its website.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call