Aker Solutions And FSubsea Create New Company FASTSubsea

Written by Paulo Nogueira

Published on 11/04/2019 at 01:00

Updated on 11/04/2019 at 11:28

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The Norwegian Engineering Company Aker Solutions Partnered with Subsea Boosting Company FSubsea to Create an Enterprise Focused on Oil Recovery.

It was revealed this Wednesday, April 10th, that Aker Solutions and its compatriot FSubsea agreed to create a new company to help operators increase oil recovery in a “faster, simpler, and more environmentally friendly” manner. The new company, FASTSubsea, combines FSubsea’s Hydromag coupling system and Aker Solutions’ hydraulic technology to create what the company describes as “the world’s first multiphase boosting system.”

What to Expect from FASTSubsea

This boosting system is expected to reduce capital expenditure by half and enable subsea boosting in spaces without available topside, allowing oil and gas companies to utilize existing wells more efficiently and reduce carbon dioxide emissions.

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Alexander Fuglesang, managing director of FASTSubsea, said: “The creation of FASTSubsea allows us to increase our speed to market, reduce risks, and lower investment in multiphase testing facilities.” The companies claim that FASTSubsea’s solutions will enable the widespread adoption of subsea boosting technology, which rarely sees usage due to topside equipment requirements on platforms and vessels.

In a statement, FSubsea said: “Multiphase subsea pumping technology has the potential to increase oil recovery rates by more than 20%, however, costs, space limitations, and complex solutions mean multiphase pumps are installed in less than 30 of the more than 1,500 offshore fields worldwide. “With FASTSubsea, that is about to change.”

John Macleod, technology director at Aker Solutions, said that “combining Aker Solutions’ experience in subsea systems and multiphase testing facilities with FSubsea’s Hydromag technology and lean mindset will benefit both companies.”

“FASTSubsea has the potential to become a valuable addition to our recovery solutions portfolio,” he added.

The Agreement

Aker Solutions and FSubsea hold 50% of the shares in FASTSubsea, with the board having an equal number of representatives from both FSubsea and Aker Solutions.

FSubsea and Aker Solutions will continue to sell their separate subsea boosting products directly to the market. The FASTSubsea multiphase pump will be marketed to operators and subsea integrators through Aker Solutions, as well as through the joint venture.

The agreement is subject to the approval of Norwegian competition authorities.

Aker Solutions’ goal is to maximize recovery and efficiency of oil and gas assets, utilizing its expertise to develop sustainable solutions for the future, according to its website. The company employs approximately 15,000 people in more than 20 countries.

FSubsea was established in Oslo, Norway, in 2013 as a spin-off from the Fuglesangs Group. The company’s strategy is to provide autonomous, modular, and robust boosting systems for the global subsea process, unmanned offshore, subsea drilling, and deep-water excavation markets, according to its website.

Rystad said on Monday, April 8th, that global oil discoveries in the first quarter reached a robust figure of 3.2 billion barrels of oil equivalent (boe). If the remainder of 2019 continues at the same rate of oil discoveries as the first quarter, the year will exceed the resources discovered in 2018 by 30%

Aker Solutions And FSubsea Create New Company FASTSubsea

The Norwegian Engineering Company Aker Solutions Partnered with Subsea Boosting Company FSubsea to Create an Enterprise Focused on Oil Recovery.

What to Expect from FASTSubsea

The Agreement

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Aker Solutions And FSubsea Create New Company FASTSubsea

The Norwegian Engineering Company Aker Solutions Partnered with Subsea Boosting Company FSubsea to Create an Enterprise Focused on Oil Recovery.

What to Expect from FASTSubsea

The Agreement

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