Intention Agreement with Aker BP

New Subsea Technology AS (NST) received a Letter of Intent (LOI) from Aker BP the 21st of June 2017, confirming their intention of actively participating as a partner and financial contributor to the Joint Industry Project (JIP) to develop the Integrated Drilling and Production System (IDPS) by NST. The project has an anticipated start in Q3 2017.

 

The IDPS is an integrated subsea well drilling and production system, which is assembled onshore and pre-installed on the seabed. The system facilitates all well construction activities through the system, and can be hooked up to production immediately. The IDPS can target most subsea tie back or full field developments. Studies have been carried out for IDPS implementation for future field developments, and shows significant cost saving potential for the operator.

 

According to Thor Løvoll, CEO of New Subsea Technology AS, “the system represents the first true attempt to integrate, simplify and reduce interfaces between wells and subsea systems, which can achieve a sustainable cost saving and accelerated production for subsea well systems”.

 

“Aker BP is constantly looking for means of improving the business through sustainable cost savings and increased production”, according to Anders Haavik, VP Wells in Aker BP. “We are looking for technology and projects that fits our strategic ambitions, and we believe that the NST technology is a great fit. Aker BP is looking forward to work together with NST to develop the IDPS, and pursue step change- and sustainable improvements for future subsea oil and gas wells.”

 

NST AS is actively working to land one more customer to participate in the project to kick off the development of the system. Innovation Norway has supported the initial phase with financial contribution, and will work closely with NST AS to bring the project forward.

 

New Subsea technology AS was formed in 2016, with the aim to develop smarter and more cost effective subsea well solutions through sustainable technology innovation.

 

 

Stavanger, 21st of June, 2017

Thor Løvoll, CEO
NST AS
Thor.lovoll@newsubseatechnology.com
www.newsubseatechnology.com

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