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DNV GL and ExproSoft to develop risk-based subsea barrier valve test procedure

DNV GL and ExproSoft to develop risk-based subsea barrier valve test procedure

DNV GL and ExproSoft are now joining forces to offer a risk based approach to testing barrier valves in subsea completed wells applicable worldwide. The objective is to reduce both downtime and risk related to shut-in and restart of wells in addition to substantial cost savings. Improves safety – reduces risk Reducing expenditure while continuing to improve safety and reduce risk is a key driver for the oil and gas industry especially in today’s cost constrained environment. DNV GL and Exprosoft will undertake a project to develop the risk based approach which will identify failure modes and causes, failure rates, analyze the consequences, establish a risk picture and translate the results into a recommended test frequency.  Further, a method to develop risk-based leak acceptance criteria may also be an outcome of this work. The results can be applied globally and will be available in Q1 2016. Combines WellMaster with DNV GL’s risk management expertise DNV GL and ExproSoft‘s strategic cooperation and partnership agreement brings together ExproSoft’ s WellMaster, the world’s largest repository of reliability data for wells based on more than 40,000 well years of historical data, with DNV GL’s risk management expertise. “For an offshore platform with 25 wells producing 50 000 barrels a day, the average annual intervention cost is $26 Million,” said ExproSoft’ s CEO, Odd Are Svensen. “We are looking forward to working closely with DNV GL to combine our equipment reliability services with DNV GL’s risk management expertise to reduce intervention cost.” Leading oil and gas operators in the US, UK and Norway use and share reliability data throughout the well’s lifecycle globally, and...
Peter Jenkins appointed new CEO in 4Subsea

Peter Jenkins appointed new CEO in 4Subsea

4Subsea’s board has appointed Peter Jenkins, one of the founders of the company, as new CEO. He replaces Henning Christensen, also one of the founders. “Henning has lead the company from the start in 2008 to become a market leader on the Norwegian shelf within production risers and subsea well systems,” says chairman of the board, Mr. Joar Welde from Viking Venture. Jenkins will now take on the responsibility to implement 4Subsea’s strategy, delivering solutions that reduces both OPEX and CAPEX linked to systems that are critical to operator’s oil and gas production. “An important part of the strategy will also be to take 4Subsea’s services international,” says Welde, who is also pleased that Christensen will stay with the company, focusing on business development within production risers. Peter Jenkins has long track record within the oil and gas industry from both DSND Subsea and Kongsberg Seaflex. The last three years he has been heading the Well Intervention and Drilling department of 4Subsea. “4Subsea’s goal is to be a hub for managing the integrity of production risers and subsea wellhead systems,” says Peter Jenkins. “With today’s challenging market situation the oil and gas industry needs new perspectives to develop safe and cost efficient solutions. We see that combining our software- and monitoring solutions with our specialist engineering services represents such a new perspective. We reduce cost for operators, we avoid stop in production and we extend the service life of their most valuable assets. For us the low oil price is an opportunity! Operators need to cut cost and they need to maintain production from existing assets, something that matches...
GasSecure achieves a world first with SIL certification in wireless gas detection

GasSecure achieves a world first with SIL certification in wireless gas detection

GasSecure’s GS01 wireless hydrocarbon gas detector has been certified by third party assessor Exida as SIL 2 capable per IEC 61508 : 2010 parts 1-7. Going further the assessment also supports the use of PROFIsafe communications to allow a fully certified SIL 2 loop to a control system, which is a world first for a wireless gas detector. The SIL certificate and documentation are available on Exida.com» About GasSecure The Norwegian company GasSecure AS develops, markets and sells the world’s first wireless optical gas detector for demanding industrial applications. The detector is based on innovative ultra‐low power MEMS optical filter technology and has introduced a new level of reliability and flexibility for the detection of gas leakages. Further information is available at...
Viking Venture invests in House of Control AS

Viking Venture invests in House of Control AS

Viking Venture has acquired 55 % of the shares in the Norwegian high-growth software-as-a-service company House of Control. The House of Control software suite enables businesses and public administration to improve their control of operational costs and liabilities. Photo: Erik Hagen (managing partner in Viking Venture),  Lasse Sten (founder and CEO in House of Control) and Jostein Vik (partner in Viking Venture) closing the deal. Photo/facsimile: Finansavisen. Viking Venture invests in House of Control to accelerate the company’s rapid expansion in the Nordic market. The Viking Venture team has extensive experience in developing business to business software-as-a-service companies. Expansion into the Nordics – The combination of rapid growth and strong profitability in an IT company is what makes House of Control unique as an investment. The company has entered into a very promising part of the market and created robust technical solutions. Their ability to innovate is translated into rapid growth and strong profitability through what in our opinion is a unique commercial culture, says Viking Venture partner Jostein Vik. House of Control has developed software solutions which provide the customers with full control of assets, liabilities and contracts. The company posted a 2014 revenue of NOK 39 million and corresponding EBITDA of NOK 15 million. – House of Control has acquired an impressive amount of customers in Norway and is well positioned for further expansion into Sweden, Denmark and Finland. We look forward to working with the House of control team and help develop the company into a large Nordic software company based on modern cloud based solutions, says Erik Hagen, Managing Partner in Viking Venture. Excellent timing Lasse...
Meta shortlisted in the Northern Star Business Awards

Meta shortlisted in the Northern Star Business Awards

Meta Downhole Ltd (Meta) is shortlisted for the Commitment to Innovative Use of R&D award in the Northern Star Business Awards. The nomination was for the development of its liner hanger and packer products. The award recognises companies that have demonstrated an innovative use to research and development to create commercial growth and gain competitive advantage. The company’s latest developments have seen the creation of ground-breaking products, the Meta Liner Hanger and the Meta Permanent and the Meta Frac MorphPacker, which are set to disrupt the aforementioned markets. The MorphPackers have been engineered to be simple, reliable and high end, but more affordable than others on the market, filling a vital gap in the sector. “These are exciting developments, which are set to change the way in which the industry operates”, says Kevin Stewart, CEO of Meta. Over the past few years, Meta has received a number of prestigious accolades for its ground-breaking technology, including a Queens Award for Enterprise, Platt’s Global Energy Award, Innovation of the Year in the Africa Oil and Gas Awards, Chamber of Commerce and Business Enterprise awards for innovation. Winners will be announced an awards ceremony taking place at Aberdeen Exhibition and Conference Centre on 24 September 2015. Read the full press release on metadownhole.com » Meta Downhole Ltd is a Viking Venture portfolio...