Aquaterra and Oceaneering join forces in decommissioning
- Business & Finance
Offshore engineering solutions provider Aquaterra Energy has signed a memorandum of understanding (MoU) with Oceaneering to offer complete decommissioning and late life solution packages to the North Sea oil and gas industry.
Aquaterra said on Wednesday that, under the MoU, the companies would offer tooling and services in four distinct areas: platform well abandonment, subsea well abandonment, topside and jacket removals, and subsea removals.
Oceaneering will bring its tooling portfolio and track-record in cutting, severance, and dredging to the partnership.
Aquaterra Energy will complement this by drawing on its engineering and project management expertise, together with its own equipment inventory, to support projects.
James Larnder, MD at Aquaterra Energy, said: “This collaboration with Oceaneering has been driven by a customer need for more complete solution players in the market. 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.”
Leigh Martin, Snr Manager for UK, Europe, Africa at Oceaneering commented: “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 will use Aquaterra Energy’s Great Yarmouth facilities to ensure rapid deployment of technology and personnel 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.
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