Partner Article

Leading Subsea Provider Acquires Major Oilfield Data Technology Company

One of the world’s leading providers of subsea operations to the Oil and Gas and Renewable sectors – Reach Subsea – has bolstered its offering with the acquisition of a Norweigan based geophysical monitoring solutions business.

Headquartered in Norway, and with operations across the globe, Reach Subsea has joined forces with OCTIO to strengthen its capabilities in survey and inspection data gathering, allowing the company to become a full-service provider of subsea data and solutions to clients across the globe.

Established in 2006, OCTIO provides flexible and smart geophysical monitoring solutions for hydrocarbon producing fields offshore. The company’s sophisticated patented technologies provide highly accurate seabed monitoring functionality enabling oil and gas companies to have a much better insight into critical field parameters such as pressure depletion or fluid substation throughout a reservoir.

Already adopted by the majority of large gas fields in Norway – and yielding very successful results - is OCTIO’s flagship offering, gWatch, a cost-effective 4D monitoring technology. With gravimetry and subsidence measurements, the solution provides a field-wide mapping of drainage, reservoir rock deformation and fluid movement.

Known for its cost effectiveness for use in gas fields, the technology is one tenth of the cost of more traditional data gathering methods such as 4D seismic surveys. It can also be effectively utilised on CO2 storage projects to monitor the distribution of CO2 in a reservoir and monitor the vertical movement of the gas.

Speaking about the strategic partnership, John Lindgard, Vice President of Business Operations at Reach Subsea said: “We are delighted to be joining forces with OCTIO as this will significantly strengthen our offering to our global client base.

“Our service offering, combined with OCTIO’s game-changing technology, will provide better data insights allowing our clients to benefit from significantly enhanced recovery rates, improved reservoir management and optimised subsea infrastructure.

“With great synergy between the two companies and our offerings, partnering with OCTIO – who we have already successfully worked with for several years – places Reach Subsea at the very forefront across the globe as a leading full-service provider of subsea services.”

Reach Subsea provides IMR, ROV, Survey, Construction Support and Decommissioning services across the Renewable and Oil and Gas industries.

The business prides itself on having some of the most highly skilled in-house engineers in the industry and being first to market with some of the most technically advanced subsea solutions.

This was posted in Bdaily's Members' News section by Scarab4 .