Aberdeen and Houston are at the heart of a new subsea venture with $150million of private equity money at its disposal.
It is not yet possible to pinpoint what the job creation potential of Underwater Integrity Solutions will be, with it will probably be significant as the business gains traction in its target market.
UIS is being launched here in Houston today at the Offshore Technology Conference, which is expected to be very busy despite the current global downturn in offshore activity.
The firm, headquartered in Houston, has been conceived to concentrate on the integrity, production assurance and life extension of subsea fields. At the heart of the target market are thousands of subsea wells, many sorely in need of significant intervention to enhance operating efficiency and production from fields worldwide.
The $150million war chest is being provided by HitecVision, a leading private equity oil and gas investor and which has more than $5billion in assets under management.
With ample funds to get going, UIS will kick-start itself by acquiring relevant specialist subsea-focused businesses and forming strategic partnerships to build an independent, global capability in subsea integrity. It will not own ships and other pieces of large capital equipment.
We are advised that UIS is in discussions with a number of companies with a view to making its first acquisition in Q3 this year.
UIS has been formed by five subsea sector leading lights with more than 140 years’ combined experience.
They are: in Houston – CEO Bill Boyle, chief financial officer Mark Webster and chief operating officer Guido Bressani; and in Aberdeen – chief commercial officer Neill Kelly and chief technology officer Geoff Fisher.
Mr Boyle said: “Today, there is a need to significantly reduce subsea opex cost and increase efficiency and ultimately value from subsea fields.
“Against this background, UIS is aiming to become a leading provider of independent underwater integrity and production assistance solutions.”
He said that, while there were large subsea contractors, the main focus to date had been on capital projects rather than the routine of keeping producing fields in tip-top condition.
Mr Kelly added: “There is nobody playing the space in the middle, who is independent and who has no assets that they need to keep busy. The market is fragmented with hundreds of often small companies active in subsea OPEX.”
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