Transocean to Utilize Peak's P1 Technology in the North Sea

Transocean has recently been awarded an integrated services contract with Oilexco Incorporated and its wholly owned subsidiary, Oilexco North Sea Limited, to drill two wells in the outer Moray Firth in block 15/25b.

In developing its proposals for Oilexco, Transocean used Peak's P1 software. This process applies the probabilistic estimation techniques known as Monte Carlo analysis to the calculation of well timings and costs. P1 delivers a realistic representation of the spread of possible time/cost outcomes in well delivery. This increased understanding allowed Transocean to propose a highly cost-effective integrated services arrangement to Oilexco.

Andrew Paterson, Managing Director of the Peak Group said: "Without our sophisticated risk modelling techniques, companies traditionally have been forced to build in contingent costs to cover the risk uncertainties. P1 allows a much greater understanding of the project thus allowing the operator and contractor to develop far more equitable commercial terms in which all parties fully understand the uncertainties and the allocation of business risk."

In addition to building the P1 models, Peak will provide a full well project management service to Oilexco for the duration of the project. Andrew Paterson said: " We are looking forward to working in close collaboration with Transocean and Oilexco to provide outstanding well delivery to Oilexco".