Companies to Pursue Mutual Opportunities Throughout the Global Oil Field Decommissioning Market and Beyond
MONROE TOWNSHIP, N.J., USA April 4, 2019 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (OPT or the Company) (NASDAQ: OPTT), a leader in innovative ocean energy solutions, and Acteon Field Life Service Ltd, a subsidiary of Acteon Group Ltd (Acteon) and a leading subsea services and solutions company, today announced a non-exclusive memorandum of understanding to develop, explore and exploit mutual opportunities in the global oil and gas and renewable markets.
George H. Kirby, President and Chief Executive Officer of OPT, commented, “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.”
OPT is currently collaborating with Acteon Field Life Service on an Exclusion Zone MonitoringTM 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.
The Acteon Field Life Service team integrates the Acteon group’s diverse portfolio of capabilities by creating new, disruptive commercial and technical solutions that deliver a significant reduction in the total cost of ownership, across the entire asset lifecycle from subsea concept development to decommissioning.
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. We look forward to working with OPT in this new collaboration in support of our wider strategy”.
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 reliable and persistent 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.
For more information:
OPT Investor Relations Contact:
Michael Porter, President
Porter, LeVay & Rose
Paul Alcock, President
Acteon Field Life Service
Phone +44 1603 227019