FloaTEC LLC brought together the expertise of its parent companies and developed a strong position in deepwater production platforms.
As a joint venture of offshore drilling solutions providers J. Ray McDermott and Keppel FELS, FloaTEC LLC has a strong heritage to draw from. President Eric Namtvedt says that has helped the company become a major player in the design, construction and installation of deepwater floating production systems in a relatively short time. Entering its fifth year in 2010, FloaTEC hit the ground running with proven technology, Namtvedt says.
FloaTEC came about after J. Ray McDermott of the United States and Singapore-based Keppel FELS expressed a desire to move into the growing deepwater production sector. In addition to reviewing their own technology portfolios, the companies kept an eye out for companies with proven track records they could acquire. An opportunity presented itself when the Swiss company ABB Group sought to divest itself of its offshore division. J. Ray McDermott and Keppel FELS purchased its floating production technology and created FloaTEC in summer 2005.
"We had a very broad portfolio of proven technologies when we started the company," Namtvedt says.
Today, FloaTEC's focus is on designing, building and delivering deepwater floating production systems. The company has proprietary designs in areas such as tension leg platform, semi-submersible and spar technology.
In every region and in every application of its products, Namtvedt says FloaTEC has been successful because of the engineering expertise it is able to draw from its parent companies and its ability to adapt to the changing needs of the marketplace. He says the company has risen to the challenges created by the recent hurricanes in the Gulf of Mexico and has built itself a strong foundation.
Running Start
One of FloaTEC's greatest competitive advantages is the fact that it did not have to start from scratch with its technology. Thanks to the involvement of its parent companies, FloaTEC has an extensive team of engineers to utilize. Namtvedt says more than 800 engineers are employed between the two parent companies. Combined with the technology existing within the these companies and what was acquired from the ABB Group, that experience made FloaTEC a legitimate expert in the marketplace right off the bat.
"We started off with a solid technology base," Namtvedt says. "We made a technology portfolio applicable to the specific requirements of the key companies who are looking for these solutions. [We are] among the leaders in our field when it comes to deepwater floating production platforms."
The company's expertise isn't restricted to engineering, and Namtvedt says FloaTEC's ability to see a project from inception to installation is another distinguishing factor that puts the company at the forefront of the industry. The company integrates from the 26 fabrication and construction yards belonging to J. Ray McDermott and Keppel FELS around the world, and Namtvedt says this gives it a leg up on many of its competitors.
Here To Stay
FloaTEC's strengths in designing and building floating production systems have served it well, especially in adjusting its products to meet the changing needs of oil companies. The hurricanes that ravaged the Gulf Coast in recent years have drastically changed the way deepwater production and exploration are conducted.
To withstand higher waves and stronger winds created by hurricanes, FloaTEC has altered its designs to raise the platform higher above the surface of the water and performed extensive wind- and wave resistance testing. Complicating matters is the fact that deepwater developments are now reaching into deeper reservoirs than before.
The company's answers to these challenges have earned FloaTEC the recognition of the World Oil Awards committee. The organization presented its Innovative Thinker Award for 2009 to Director of Technology Development Dr. John Murray for his work in developing solutions for ultra-deepwater and harsh environments.
Namtvedt says the award is further proof of FloaTEC's technological strength and evidence that it is in the deepwater production market to stay.
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