Optime Subsea Services Merge with Telemark Technologies
- Business & Finance
Optime Subsea Services, a provider of subsea well access systems technology and services, has announced a merger with Telemark Technologies.
The two Norwegian companies are merging into Optime Subsea Services.
As a part of the merger Holta Invest becomes the largest single shareholder in Optime Subsea Services, the company informed.
Offices in Notodden and Houston
Optime Subsea and Telemark will consolidate its headquarters in Notodden, Norway, and continue its US business in the shared office in Houston.
The office locations in Norway and USA are not coincidence, COO Thor Arne Løvland said in an interview conducted with Subsea World News following the company’s set up in 2015.
“They were in a large part driven on where the market currently is and going to be in the future,” Løvland said.
Optime Subsea is now positioned to provide services such as engineering services, maintenance and workshop services and machining, subsea hydraulic pump, hyperbaric pressure vessel, well access systems, completion systems, well intervention systems and rig less P&A services.
When the company announced its establishment in May 2015, it said that the main focus will be on penetrating the market with two technological step-changes; the multiCompletionSystem (mCS) called Light Completion Intervention System (LCIS) and the Remove Operated Completion System (ROCS) for future installation of tubing hangers on subsea trees.
“For the remainder of the year we will formally finalize the process. If and when this has an effect on current open orders etc, it will be specifically addressed to the relevant parties,” the company added in a press statement.
Furthermore, the company noted that Telemark Technologies Holding AS and its subsidiaries are not part of the transaction.