Proserv Group recently formed a strategic partnership with Houston-based Dril-Quip Inc. that will allow for a bundled offering for subsea customers from the oilfield service providers.
In this exclusive video interview, Proserv Controls CEO Davis Larssen explains the driving factors behind the agreement with Dril-Quip and what it means for the subsea sector.
“The overall market is declining—everybody knows that—so you have to think differently,” Larssen told Hart Energy’s Jessica Morales. “There is a general overcapacity in the broader subsea market. Dril-Quip has taken a very smart step to address that and rather than unnecessarily compete with somebody, partner with somebody.”
Jump to a topic:
- Proserv, Dril-Quip subsea agreement (0:34)
- Driving factors behind the deal (1:19)
- Bundled subsea packages (2:18)
- Current subsea sector trends (3:28)
- Operating during COVID-19 (4:45)
- Path forward for OFS providers (6:15)
- Offshore industry outlook (7:30)
The International Energy Agency (IEA) is launching a global commission to address the impact on employment and society from the transition to renewable energy from fossil fuels.
Earlier this month, Kimmeridge had urged Ovintiv to focus on capital allocation, management compensation issues and establishing environmental strategy.
Effective Jan. 19, Ring Energy’s corporate headquarters will be located in The Woodlands, Texas. Additionally, the Permian operator closed its Andrews, Texas field office, downsized its Midland office and plans to close its Tulsa, Okla. office.