The company has secured investment worth US$200mn from EV Private Equity to grow its production optimisation business in new and existing markets and further develop its technologies. This year, the company will be working on ongoing projects in West Africa, as well as the UK Continental Shelf and the Gulf of Mexico.
This injection of funds will allow Enpro to conduct further work on it patented flow access module (FAM) technology and capitalise on the success of its flow intervention services (FIS) and decommissioning systems.
In the West African market, Enpro has been supporting early adopters of its FAM technology which was brought to market almost two years ago.
Enpro Subsea managing director, Ian Donald, said: “2017 was a good year for Enpro Subsea with strong global demand for all our core technologies. Starting 2018 with news of our partnership with EV Private Equity is exciting. Coupled with a robust order book for our FAM, FIS and decommissioning technologies, the investment puts us in the strong position to deliver the next stage of our business growth strategy.
“The funding will support the expansion of the FAM production and intervention system which enables capital efficient, future proof and flexible field development using standard subsea hardware. Additionally, Enpro will accelerate global deployment of the FIS hydraulic intervention rental system targeted at high pressure, deepwater fields."
Source: Oil Review Africa