ABTechnology (ABT) and Enegi have signed an exclusive option agreement with Wood Group PSN which could see the current partnership between the companies expand into the marginal field development sector.
The trio went into partnership in 2011 to jointly develop unmanned buoy technology which could substitute expensive oil platforms.
The new option agreement gives Wood Group a 90-day exclusivity to negotiate the terms of an extension to the existing deal, which would move the focus of the trio towards the marginal field initiative.
“The execution of the Option with Wood Group PSN is further evidence of the attractiveness of the marginal field business model and reflects the progress that has been made in developing the business,” said Alan Minty, CEO of Enegi.
“Successful conclusion of negotiations would see stronger links with a leading, global engineering services company providing access to the engineering manpower and expertise that will be needed to deliver on the many projects that it expects to secure and fulfil the potential of the marginal field initiative.”
