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.
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