Subsea technology company Optime Subsea Services and Norwegian engineering company Telemark Technologies are merging , with Norwegian investment company Holta Invest being a significant shareholder . Optime Subsea Services , as the merged companies are now known , will create a cost - effective modular wells completions system for the offshore oil and gas industry . The multiCompletionSystem is designed to cut costs for subsea tree installation by between $ 1 m and $ 2 m , as well as plug and play operations by $ 1 m . Two of the modules include the: “We agree and believe that the current model of proprietary equipment with challenging interfaces is not the model benefiting all parties—which should be the driver: how to benefit both customers and partners,” Lovland added. It is expected to be completed by the end of 2018 .
Subsea technology company Optime Subsea Services and Norwegian engineering company Telemark Technologies are merging , with Norwegian investment company Holta Invest being a significant shareholder . Optime Subsea Services , as the merged companies are now known , will create a cost - effective modular wells completions system for the offshore oil and gas industry . The multiCompletionSystem is designed to cut costs for subsea tree installation by between $ 1 m and $ 2 m , as well as plug and play operations by $ 1 m . It is expected to be completed by the end of 2018 .