The Offshore Technology Conference (OTC) is taking place in Houston this week, and one of the participants announced the launching of a new venture.
Houston-based Underwater Integrity Solutions (UIS), a subsea integrity technology firm, made its official debut at OTC on Monday.
The company will receive $150 million from UK-based private equity firm HitecVision to fund its initial growth and acquisition stage. The UIS executive team consist of five subsea veterans with a combined 140 years of industry experience.
“UIS is launching at a time when the trend for operations in deeper water and in more hostile environments is continuing. There are about 5,000 operational subsea wells around the world with almost 7,000 predicted by 2020. Subsea global annual operating expenditure is currently around $10 billion and expected to grow strongly over the course of the next few years,” stated CEO Bill Boyle.
Boyle goes on to say, “Today, there is a need to significantly reduce subsea operating costs and increase efficiency and hence value from subsea fields. Against that background, the UIS vision is to become a leading provider of independent underwater integrity and production assurance solutions. Our independence, global presence and sole focus on subsea integrity and assurance will be our competitive edge, differentiating UIS from what is currently being offered in the marketplace.”
The company is temporarily housed at the Bank of America Tower in downtown Houston but will transition to the Energy Corridor later this year. UIS plans on making the majority of its acquisitions in the Houston metropolitan area.