OPT, Acteon Exploring Joint Opportunites

US based ocean energy solutions company Ocean Power Technologies (OPT) and UK based subsea services and solutions company Acteon Field Life Service, an Acteon Group subsidiary, have entered into a nonexclusive memorandum of understanding (MOU) to develop, explore and exploit mutual opportunities in the global oil and gas and renewables markets, the companies announced on Thursday.

“We see a strong potential in this collaboration, where OPT’s PowerBuoy products and services and Acteon’s integrated subsea services and solutions, coupled with its global network of facilities, personnel and market positioning, can provide significant value to our customers,” said George H. Kirby, President and Chief Executive Officer of OPT.

The companies are currently collaborating on an Exclusion Zone Monitoring project for Premier Oil in the Central North Sea. The project will include the deployment of OPT’s PowerBuoy system, and surveillance and monitoring technology and a turnkey mooring and deployment solution provided respectively by Acteon operating companies Pulse Structural Monitoring and InterMoor.

Tim Martin, Vice President, Decommissioning at Acteon, stated, “Acteon is redefining the subsea services market. Our goal is to enable customers to reduce the lifetime costs of owning and operating their subsea infrastructure. By using our own deep domain expertise in the subsea decommissioning sector and collaborating with carefully selected partners such as OPT, we can significantly reduce end-of-field-life costs for subsea oil and gas operators, while maintaining robust and safe operations for the benefit of all stakeholders.”

In an earlier statement, Pieter voor de Poorte, Premier Oil’s Subsea Decommissioning Lead, said, “We think this technology has a lot of potential and that it aligns well with our goals of increasing safety, efficiency and operational effectiveness. The PowerBuoy system will deliver on all these aspects and offer a step change in our decommissioning planning processes. It also opens potential future applications for intelligent, remotely controlled small field developments.”

OPT’s PowerBuoy products are power and communications platforms for remote offshore applications such as topside and subsea surveillance and monitoring during oil field decommissioning activities, autonomous vehicle charging, weather and ocean data collection, and providing power to subsea equipment. The PB3 PowerBuoy supports a suite of mission critical payloads, thereby lowering customers’ operational costs and enabling real-time data transfer and real-time decision making.