China based offshore and subsea solutions company, COOEC Offshore, has formed an alliance with international oilfield services company, Expro, the company said on Aug. 12.
The formal exclusive agreement allows both companies, which are already globally recognized as safe providers of high-quality subsea and well intervention solutions, to expand its capabilities and resources.
COOEC Offshore, as a division of COOEC, is a large offshore engineering contractor servicing the full lifecycle of offshore from field development through field decommissioning. With over 22 specialized marine assets, subsea intervention equipment and in house engineering, the venture into deepwater riserless well intervention (RWI) will further strengthen the depth of service offering to industry.
Expro, as a premier well flow management group, already maintain a leading position in subsea landing string and well intervention markets and has recently entered the riser-based intervention market with the intervention riser system (IRS). As part of this alliance, RWI system provides a field proven, established and reliable wire through-water integrated solution for carrying out cost effective intervention and/or abandonment operations on all types of subsea well.
Under the alliance, COOEC Offshore and Expro will deliver this new system to market in 2020, tested and ready for service. The system will be deployed off the new HYSY287 DP3 construction vessel with a dedicated handling and deployment system to facilitate slick and efficient well construction, well intervention and well plug and abandonment activities. Furthermore, with Expro’s recent acquisition of quality intervention (specializing in coiled tubing and annular integrity technologies), the propriety coil hose technology for open water will be a key exclusive capability onboard the vessel.
The alliance ensures minimal interfaces, integrated management teams and the majority of the services being delivered in-house.
COOEC Offshore commercial director, Brett Silich, said the agreement was an exciting development for both companies, which already enjoyed formidable reputations as providers of high-quality offshore solutions.
COOEC Offshore will continue to focus on its international expansion while growing its network of international alliance partners.
The Denver-based independent Sundance typifies the new Eagle Ford narrative where technically astute private equity-backed younger management teams are revitalizing the play.
Eagle Ford operators east of the San Marcos Arch are getting analysts’ attention. One has seen its stock jump 117% this year. Another said of this side of the downturn, “Now is the fun time.” Here’s the outlook from these Eagle Ford pure players.
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.