Norwegian Subsea Merger

Published Oct 12, 2016
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Optime stackup
Plug and abandonment stack (photo: Optime Subsea Services)

Subsea technology company Optime Subsea Services AS is set to merge with engineering house Telemark Technologies AS to fast track its cost-saving subsea installation solution to the global oil and gas market.

Optime Subsea Services targets up to 80% cost saving on subsea tree installations and more than 60% on plug & abandonment operations, through its rig-less and modular multiCompletionSystem (mCS).

In addition to the merger, renowned Norwegian industrial investment company Holta Invest AS has announced that it will become a significant shareholder in Optime Subsea Services.

“Optime Subsea Services’ solutions primarily consist of leveraging existing technology and integrating this into a new system, based on cost effective and standardised components. In addition to being more cost-efficient, the solutions provide far more robust and secure operations. We strongly believe in this and that operators are ready for the company’s modular system which meets the need for cost savings in all phases of a field’s lifecycle,” says Kjetil Holta, owner and chairman of Holta Invest AS.

The merged company will be called Optime Subsea Services. Jan-Fredrik Carlsen will continue in his role as CEO, while the five other co-founders of Optime Subsea Services continue in senior management roles. The merged company will be located at the Telemark Technology Park at Notodden, which is part of the “Subsea Valley” industry cluster in Norway. The company also has an office in Houston, USA.

Optime Subsea Services was founded on a strategy to provide more cost-efficient solutions for the oil industry. The company’s innovation not only addresses the development of new technology, but also how to best utilise existing components – all to reduce risk and cost.

Telemark Technologies is a specialised supplier of highly technical and optimised pressurised vessel systems for testing operations of subsea, marine, defence, aviation and similar type manufacturing technology. The company has also developed a subsea pump and it possesses considerable expertise in engineering, maintenance and assembly of subsea equipment.

The new Optime Subsea Services will also become the second biggest shareholder of fabrication company Berget AS.

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

Tags: Optime Subsea Services AS, Telemark Technologies AS


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