NST AS receives Intention Agreement with OMV Norge AS
New Subsea Technology AS (NST) received a Letter of Intent (LOI) from OMV Norge AS, 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 JIP start-up is expected 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 second intention agreement follow the intention agreement with Aker BP recently announced. It confirms the strategic fit of our technology to help the operator to achieve sustainable and cost-effective solutions for their subsea wells.
The IDPS 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”.
OMV Norge is the operator of PL 537 (Wisting) in the Barents Sea, and is looking for cost effective concept solutions for the Wisting development project.
“We believe that the NST technology has a great potential of cost reduction, and OMV is pleased to work together with NST in this industry project to develop the IDPS”, says Knut Mauseth, General Manager in OMV Norge.
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, 05th September, 2017
Thor Løvoll, CEO NST AS