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Subsea Merger

Optime Subsea Services is set to merge with Telemark Technologies in order to fast-track its cost-saving subsea installation solution to the global oil and gas market. In addition to the merger, Holta Invest has announced that it will become a significant shareholder in Optime Subsea Services. Optime Subsea Services targets a cost-saving of up to 80% on subsea tree installations and more than 60% on plug and abandonment operations, through its rig-free, modular multiCompletionSystem (mCS).

The merged company will retain the name Optime Subsea Services. Jan-Fredrik Carlsen will continue in his role as CEO, while the five other co-founders of Optime Subsea Services will maintain their senior management roles. The merged company will be located at the Telemark Technology Park in Notodden, which is part of the Subsea Valley industry cluster in Norway. The company also has an office in Houston, USA. The new Optime Subsea Services will also become the second biggest shareholder in the fabrication company Berget AS.

“The combination of Optime Subsea Services’ solutions, Telemark Technologies’ engineering competence and Berget’s machining and fabrication capacity and electronics know-how, provides us with everything we need to be able to deliver immediately on a global scale,” says Jan-Fredrik Carlsen.

Optime Subsea Services has developed a modular system for well completions, which they call the multiCompletionSystem (mCS). As a result of the merger, the company has already started construction of the system. This means that in 2017, the company will be able to provide cost-effective services for well access, specifically for well stimulation and increased oil recovery.

“Our system consists of several modules. As a consequence of its modularity, in other words, the different building blocks, the same system can handle all phases of a subsea well’s lifetime, from installation to plugging and abandonment. The modules can save EUR 1-2 million per vertical subsea tree installation and EUR 6-11 million for the plugging and abandonment of each well,” says Mr Carlsen.