Aker and Baker Agree Subsea Technology Deal
Oilfield services firms Aker Solutions and Baker Hughes are teaming up to develop technology for production solutions that will boost output, increase recovery rates and reduce costs for subsea fields.
The alliance is designed to combine the Norwegian firm's strengths in subsea production and processing systems with Baker Hughes' expertize in well completions and artificial-lift technology to deliver reliable, integrated in-well and subsea production solutions that will ultimately extend the life of subsea fields. It will also focus on advancing the industry's well-intervention capabilities to further optimize efficiency and reduce risks in subsea developments.
It is the latest move by the oil and gas industry to boost the productivity of subsea fields and lower their cost. Companies such as Statoil and GE Oil & Gas are already outlining plans for entirely automated subsea factories that could be in place within the next decade.
Aker Executive Chairman Øyvind Eriksen commented in a company statement:
"Our joint commitment will strengthen the business of each company and help our customers unlock the vast values that come from subsea production. Subsea factory development is a key focus for Aker Solutions and the partnership with Baker Hughes will provide critical capabilities that will help us develop technologies to create a fully-functioning subsea production system which will improve recovery rates and lower costs for oil producers."
Baker Hughes CEO Martin Craighead added:
"Deepwater subsea fields have so far been characterized by low recovery rates, and new discoveries in deeper and more hostile environments are making these fields even more costly to develop. The single-digit recovery rates currently being achieved at many of these fields don't support a sustainable business model. By joining forces, Baker Hughes and Aker Solutions will identify and integrate the most effective combinations of in-well and subsea technologies, enabling greater production rates – efficiently and economically – from subsea fields."
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