Fossil Energy – Ownership
Ocean services provider DeepOcean takes 100% ownership of the pipeline repair and subsea intervention (PRSI Pool Services) contract with Equinor, formerly operated in a Joint Venture (JV) between DeepOcean and TechnipFMC.
The transaction reinforces DeepOcean’s pipeline repair expertise with JV employees being transferred to DeepOcean.
Since 2007 DeepOcean and Technip Norway have cooperated on the pipeline repair subsea operations contract with Equinor and the pool members; first with TechnipFMC as contractor and DeepOcean as sub-contractor.
In 2014, DeepOcean and TechnipFMC engaged in a framework agreement with Equinor for maintenance, operations, and emergency preparedness through a JV that proved to be very effective.
As part of a recent joint agreement with TechnipFMC, DeepOcean will take over the contract with Equinor for the remainder of the contract period. This will grant DeepOcean access to a significant portion of the expertise in this field as 26 employees in the JV will be integrated in DeepOcean.
Equinor has operational responsibility for the world’s most extensive subsea pipeline system for the transportation of gas as the technical operator of the PRSI pool. The PRSI pool consists of over twenty energy companies that cover their offshore pipeline and power cable repair contingency via the pool.
