Promethean Energy and Subsea 7 have signed a Memorandum of Understanding (MOU) to collaborate on the further development of oil and gas assets in deepwater Gulf of Mexico.
Promethean CEO Aditya Singh said: “The MOU with Subsea 7 allows Promethean to execute on its strategy of integrating leading edge practices and technologies to unlock value across the Development & Production (D&P) lifecycle.
“The company is collaborating with industry leaders in key D&P strategic areas and Subsea 7 brings to Promethean a wealth of expertise in subsea developments.”
Subsea 7 director Jeremy Woulds said: “The opportunity to collaborate with Promethean is important to Subsea 7 as it affords us the ability to deliver considerable value at an early stage in field enhancements and extensions of deepwater assets and tie-back of step-out growth opportunities in the Gulf of Mexico, a province where the company has much experience.”
Promethean Energy Corporation is a next generation Development & Production company focused on producing fields with development upside. Promethean seeks to enhance reserves and increase production, while reducing cost.
Core pillars of the Promethean strategy are data, technology, innovation and integration. Promethean will adhere to the highest standards of safety and environmental responsibility in fields which it operates.
Subsea 7 is a world-leading seabed-to-surface engineering, construction and services contractor to the offshore energy industry.
It operates worldwide and in all deepwater offshore markets providing cost-effective technical solutions to enable the delivery of complex projects in all water depths and challenging environments.
Source: Company Press Release