Norway's oil services firm Aker Solutions and Swiss engineering firm ABB are joining forces to help the oil industry cut costs and improve efficiency in subsea oil and gas production, the Norwegian firm said on Wednesday.
This is the latest cooperation for Aker Solutions with other companies to help cut costs for oil firms. The firm is already working with Italy's Saipem on selected subsea projects and with Baker Hughes on early-phase studies.
The latest cooperation is the outcome of several years of joint work and will target opportunities globally, building on the companies' presence in major oil and gas markets, Aker Solutions said. The venture will be based in Oslo.
"Initial focus areas will include developing better subsea compression systems at lower costs and in less time," Aker Solutions said in a statement, without specifying further.
Aker Solutions added that the cooperation would enhance how production equipment on the sea floor is powered and controlled by applications onshore or platforms, lowering costs and enabling economically viable production at fields far offshore from existing infrastructure.
Source : in.reuters.com