FloaTEC Achieves Key Milestones

FloaTEC, LLC, the new "deepwater technology solutions" joint venture company created by J. Ray McDermott, Inc. and Keppel FELS, to deliver deepwater floating production systems (FPS) to the upstream oil and gas industry, has achieved several key milestones in its first 4 months of business. During this time the company has:

  • Completed the formation of its Leadership Team and recruitment of its core Functional Team
  • Successfully launched the marketing and branding of the FloaTEC name, including launching the FloaTEC.com website
  • Been awarded Technical Feasibility study work, promoting their unbiased approach.
  • Filed for its first patent for a new Spar concept

"All of the pieces are falling into place that will enable FloaTEC to realize its vision of providing all or part of the entire package of a deepwater floating production system," said Eric Namtvedt, FloaTEC's president. "The future of the offshore oil and gas industry is in the deepwater. Given the current high number of deepwater prospects and opportunities available, FloaTEC is without a doubt in the right market, at the right time, with the competitive solutions and experienced people."

Under the FloaTEC umbrella, the joint venture boasts an unmatched portfolio of three floating production solutions for its clients, represented by their brand names – SparTEC; SemiTEC and TlpTEC. FloaTEC's objectivity relative to floating production platform concepts – along with the worldwide experience and support from the JRM and KFELS organizations - means the company is ideally suited to participate in front end study and technical feasibility work. FloaTEC (FloaTEC stands for "Floating Technology, Engineering, and Construction), offers a unique business model which gives the operator maximum flexibility in how they contract for all or part of an entire package of a deepwater FPS. The company was formed specifically to provide unbiased and concept-neutral engineering to support the industry. FloaTEC is unique in that it is the only company that can offer and deliver a suite of three distinctly different hull forms (TLP, Spar, and Semi), including moorings and risers from technical feasibility work to delivery of an Engineering, Procurement and Construction (EPC) contract.

As for the core organizational structure, when it comes to running a company, Eric Namtvedt, President of FloaTEC, believes in the Team Effectiveness Leadership Model. "To achieve superior performance, we need to align our organizational culture and people practices with our business strategy," says Eric. He adds, "We are bringing together the right set of industry experts with complimentary skills and cross functionalities". As such, FloaTEC have made significant strides to gather a first-class team in a relatively short time since the September 2005 announcement of the formation of the company. The reception that FloaTEC has received from not only within the parent organizations, but the industry in general as well, has been outstanding. The high caliber of individuals who have chosen to join FloaTEC is a good indication of how persuasive the concept of delivering unbiased floating production solutions is and how competitive in the deepwater marketplace the team will be. FloaTEC's new executive team comprises familiar faces in the industry, enabling the company to immediately deliver on its mission to be a one-stop shop for any kind of deepwater floating production platform.