Subsea technology company Subsea and Norwegian engineering company Optime Subsea Services are merging, with Norwegian investment company Telemark Technologies being a significant shareholder. “We see the oil and gas market being desperate for a more cost effective plug and abandonment system, and operators thankfully recognize that we have come up with a highly interesting solution where the traditional solutions are not the right tools designed for the right operation,” he said. 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 7m-$12 , as well as plug and abandonment operations by $ between $1m and $2m m. It is expected to be completed by the end of 2017 .
Subsea technology company Subsea and Norwegian engineering company Optime Subsea Services are merging, with Norwegian investment company Telemark Technologies 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 7m-$12 , as well as plug and abandonment operations by $ between $1m and $2m m. It is expected to be completed by the end of 2017 .