The FINANCIAL — GE Oil & Gas and McDermott International, Inc. launched io oil & gas consulting, a new independent venture to transform the development of front-end solutions for offshore fields, according to General Electric.
io aims to deliver greater certainty into the design and planning of the offshore oil and gas field and overhaul the current operator-contractor relationship. io will leverage the knowledge of the contractor community through its parents’ expertise to better guide offshore projects at the development stage. Its scope will range through portfolio evaluation, exploration and planning support, appraisal and feasibility, conceptual engineering and FEED to the final investment decision. Furthermore, unlike any other consultancy in the market today, io will consider the full field as one system with the technical insight to develop every aspect of the front-end solution, according to General Electric.
“GE Oil & Gas is proud to support io oil & gas consulting. We feel the venture is a natural extension of our mission to help customers solve the world’s toughest energy challenges. As a world leader in advanced technologies and services within the oil and gas industry, GE will lend its domain expertise in subsea [production] systems that will see the new venture devise technically advanced and robust solutions, especially in new deep-water developments,” Lorenzo Simonelli, President & CEO of GE Oil & Gas said.
“io has the right end-to-end DNA and brings a new style of free thinking that we expect will drive change in how projects are brought to market. Focused on its clients’ priorities, io offers unique value through broad and comprehensive field development expertise. As a leading offshore engineering and construction contractor, McDermott is proud to support io through its depth of technical knowledge, experience and access to the right knowledge for engineering, procurement, construction and installation services, and specialist construction equipment,” David Dickson, President and Chief Executive Officer, McDermott said.
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