Conoco and Aker Kvaerner, part of Kvaerner, the international oil services
, engineering and construction, pulp and paper and shipbuilding group, announced the establishment of a new company, DeepWater Composites AS
, that will manufacture and sell composite products for use in the deepwater exploration and field development segments of the oil and gas industry
. Conoco and Aker Kvaerner will each hold 50-percent interest in Deepwater Composites AS.
Conoco and Aker Kvaerner have
co-operated under a technology alliance since
1995 to develop, test and qualify two carbon fiber composite products that
provide a technological and economic breakthrough to facilitate the exploitation of oil reserves
in deep water. The products, CompRiser(TM), a composite riser suitable for all top-tensioned riser applications on drilling rigs and floating production platforms and CompTether(TM), a composite tether for mooring tension leg platforms (TLPs), provide significant cost and weight savings in deepwater applications. Speaking about the announcement, Raymond Carlsen, President for Kvaerner Oilfield Products
, a subsidiary of Aker Kvaerner, said: "The decision to commercialize these products marks the start of a new and exciting phase for establishing composite products in the offshore market. This builds on the success of the joint development program that culminated with a full field test of a composite drilling riser on the Heidrun TLP in the Norwegian Sea. The offshore industry has recognized the need for lighter and more cost-effective solutions for deepwater field development and for deepwater drilling, and we believe these products will play a significant role."