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Home > Press Room PRESS RELEASE: January 16, 2006 FloaTEC, LLC Achieves Key Milestones |
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FloaTEC, LLC, the new "deepwater technology solutions" joint venture company created by J. Ray McDermott, Inc. (JRM) and Keppel FELS LTD. (KFELS), to deliver deepwater floating production systems (FPS) to the upstream oil and gas industry, has achieved several key milestones in its first 4 months of business. During this time the company has:
"All of the pieces are falling into place that will enable FloaTEC to realize its vision of providing all or part of the entire package of a deepwater floating production system," said Eric Namtvedt, FloaTEC's president. "The future of the offshore oil and gas industry is in the deepwater. Given the current high number of deepwater prospects and opportunities available, FloaTEC is without a doubt in the right market, at the right time, with the competitive solutions and experienced people." Under the FloaTEC umbrella, the joint venture boasts an unmatched portfolio of three floating production solutions for its clients, represented by their brand names - SparTEC; SemiTEC and TlpTEC. FloaTEC's objectivity relative to floating production platform concepts - along with the worldwide experience and support from the JRM and KFELS organizations - means the company is ideally suited to participate in front end study and technical feasibility work. FloaTEC (FloaTEC stands for "Floating Technology, Engineering, and Construction), offers a unique business model which gives the operator maximum flexibility in how they contract for all or part of an entire package of a deepwater FPS. The company was formed specifically to provide unbiased and concept-neutral engineering to support the industry. FloaTEC is unique in that it is the only company that can offer and deliver a suite of three distinctly different hull forms (TLP, Spar, and Semi), including moorings and risers from technical feasibility work to delivery of an Engineering, Procurement and Construction (EPC) contract. As for the core organizational structure, when it comes to running a company, Eric Namtvedt, President of FloaTEC, believes in the Team Effectiveness Leadership Model. "To achieve superior performance, we need to align our organizational culture and people practices with our business strategy," says Eric. He adds, "We are bringing together the right set of industry experts with complimentary skills and cross functionalities". As such, FloaTEC have made significant strides to gather a first-class team in a relatively short time since the September 2005 announcement of the formation of the company. The reception that FloaTEC has received from not only within the parent organizations, but the industry in general as well, has been outstanding. The high caliber of individuals who have chosen to join FloaTEC is a good indication of how persuasive the concept of delivering unbiased floating production solutions is and how competitive in the deepwater marketplace the team will be. FloaTEC's new executive team comprises familiar faces in the industry, enabling the company to immediately deliver on its mission to be a one-stop shop for any kind of deepwater floating production platform.
FloaTEC's Core Leadership Model
Leadership Team Eric H. Namtvedt, President, has worked for a major oil company, the Norwegian government, a global E&C contractor and an oilfield service and fabrication company, leading projects ranging geographically from the USA to West Africa, Southeast Asia, the North Sea and Australia. Eric has overall responsibility for the direction of the company, interfacing with the Board of Managers representing the owners. He is ultimately responsible for client relationships and project deliveries, and will provide focus and guidance to all team members. Christopher M. Barton, Director Business Development, formerly from JRM, is coming back to this joint venture after highly successful stints at ABB, PennWell and most recently Technip, where he held the position of VP of Business Development for the company's US Operations Division. In his new position at FloaTEC, Chris will be responsible for prospect identification and prioritization, client relationship development and management, and marketing and branding. Werner A. Bornstein, Director Pursuit and Capture, has held similar positions at ABB and Fluor. He will be responsible for formalizing pursuit and winning strategies for targeted projects, driving the capture process, developing client relationships and ensuring early execution success. Tapan K. Das, Director Commercial, Contracts and Administration, joins FloaTEC from a similar position with ABB in Houston, and his main tasks will be to oversee risk management processes, ensure contract compliance and completeness, and provide administrative management to the office and staff. John J. Murray, Director Technology Development, previously Product Development Manager with Technip, will be responsible for technology development, along with development and maintenance of tools, systems and procedures to support projects and R&D work. John will manage all the development efforts and the associated teams. Terje W. Eilertsen, who has been Chief Technical Advisor with Technip, will be Director Technology Solutions. In addition to his Spar, TLP and Semi experience he brings a wealth of experience relative to drilling and topsides engineering, fabrication and commissioning. Terje will focus on technology implementation, front-end project deliveries and product support to the various projects. Fred B. Plummer, who recently retired from ExxonMobil as Marine Manager Engineering for ExxonMobil Development Company, will focus on Execution Excellence and ensure total quality management in project deliveries. Fred's background is large international offshore projects. Functional Team FloaTEC also has substantially completed the formation of its functional team comprised of five divisions: Research & Development, Global Configurations, Hull Mooring & Marine Systems, Risers & Control Lines, and Product Solutions & Delivery Models. In performing Front End Engineering Design (FEED) and the follow-on detailed design work, FloaTEC will tap resources from its parents' respective engineering organizations, in particular to capture fabrication engineering expertise. FloaTEC will also establish Master Service Agreements with strategic engineering "knowledge providers" to supplement depth and resources as required by project needs. Board of Managers FloaTEC's Board of Managers is comprised of eight executives, four each from its two parent companies: Keppel FELS Members 1. Michael Chia, Executive Director of Keppel FELS 2. Chow Yew Yuen, President, Keppel Offshore & Marine (USA) 3. Lai Ching Chuan, General Manager Corporate Development, Keppel Offshore & Marine 4. Aziz Merchant, General Manager Group Design & Engineering, General Manager Deepwater Technology Group, Keppel Offshore & Marine J. Ray McDermott Members 1. William R. "Bill" Robinson, Senior Vice President Sales, Marketing and Strategic Planning 2. William L. (Bill) Soester, Vice President Worldwide Engineering 3. Steven W Roll, Vice President and General Manager, Asia Pacific 4. Hafez K. Aghili, Vice President and General Manager, Middle East & Africa Parent Companies J. Ray McDermott is a leading provider of solutions for offshore field development worldwide, and is a subsidiary of McDermott International, Inc., a leading worldwide energy services company. McDermott's subsidiaries provide engineering, fabrication, installation, procurement, research, manufacturing, environmental systems, project management and facilities management services to a variety of customers in the energy industry, including the U.S. Department of Energy. Keppel FELS is the world leader in the design and construction of semi-submersible jack-up rigs, having built over 60% of the world's fleet on order in the last decade. It is a wholly owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel Offshore & Marine Limited. The group has a network of 16 yards around the world to be close to its market and customers. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.
For more information, please contact:
Chris Barton
Louise Denly
Sarah Seah (Ms)
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