Aquaterra Energy and Oceaneering have signed an agreement to jointly offer decommissioning and late-life solution packages to the North Sea oil and gas industry.
The two companies will offer tooling and services in platform well abandonment, subsea well abandonment, topside and jacket removals, and subsea removals.
Oceaneering will bring tooling portfolio and track-record in cutting, severance, and dredging to the partnership. Aquaterra Energy will complement this by intelligent engineering and project management expertise, together with its own equipment inventory, to support projects.
James Larnder, MD at Aquaterra Energy said that the tie-up with Oceaneering was driven by a client need for more complete solution players in the market.
He said: "It’s not hard to see why: more than £15.2bn will be spent on decom in the UKCS over the next decade, with 2379 wells expected to be decommissioned in the North Sea over the next ten years. We’re ready to tackle this challenge alongside Oceaneering and offer a seamless solution to clients.”
Leigh Martin, Snr Manager for UK, Europe, Africa at Oceaneering comments: “Partnering with Aquaterra Energy in the decommissioning sector, offers the market a trusted established alternative, that provides superior value supported from local facilities.
With an initial focus on the Southern North Sea, the companies plan to utilize Aquaterra Energy’s Great Yarmouth facilities to ensure the fast deployment of technology and workers offshore.
Aquaterra Energy is also developing a new decommissioning and late-life conductor retrieval system to bolster the combined offering, which is due to be ready for deployment in mid-2020.
Larnder SAID: “We’re really proud to be making this strategic move for our business with Oceaneering by our side and expect this to catapult us forward in 2020.”