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 new company, which is based in Oslo, has been operating since January 2014 under its current name of Optime. It is expected to be completed by the end of 2017.
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 $1m and $2m, as well as plug and abandonment operations by $7m-$12m. It is expected to be completed by the end of 2017.