GE and McDermott launch io oil & gas consulting
GE Oil & Gas (NYSE: GE) (“GE”) and McDermott International, Inc. (NYSE: MDR) (“McDermott”) launched io oil & gas consulting, a new independent venture to transform the development of front-end solutions for offshore fields.
io aims to deliver greater certainty into the design and planning of the offshore oil and gas field and overhaul the current operator-contractor relationship. io will leverage the knowledge of the contractor community through its parents’ expertise to better guide offshore projects at the development stage. Its scope will range through portfolio evaluation, exploration and planning support, appraisal and feasibility, conceptual engineering and FEED to the final investment decision. Furthermore, unlike any other consultancy in the market today, io will consider the full field as one system with the technical insight to develop every aspect of the front-end solution.
Lorenzo Simonelli, President & CEO of GE Oil & Gas said, “GE Oil & Gas is proud to support io oil & gas consulting. We feel the venture is a natural extension of our mission to help customers solve the world’s toughest energy challenges. As a world leader in advanced technologies and services within the oil and gas industry, GE will lend its domain expertise in subsea [production] systems that will see the new venture devise technically advanced and robust solutions, especially in new deep-water developments.”
David Dickson, President and Chief Executive Officer, McDermott said, “io has the right end-to-end DNA and brings a new style of free thinking that we expect will drive change in how projects are brought to market. Focused on its clients’ priorities, io offers unique value through broad and comprehensive field development expertise. As a leading offshore engineering and construction contractor, McDermott is proud to support io through its depth of technical knowledge, experience and access to the right knowledge for engineering, procurement, construction and installation services, and specialist construction equipment.”
io is a GE Oil & Gas and McDermott venture but its independent operating model will ensure it provides the impartial advice that energy companies are seeking, while benefiting from having access to specialist resources to assist in the technical and commercial validation of its work.
io is headed by Chief Executive Officer Dan Jackson, an industry pioneer who has a track record of successfully starting and developing engineering consultancy businesses in the offshore sector. Joining him are Mark Dixon, Chief Technology Officer, with over 20 years in the offshore oil and gas sector including extensive start-up experience; Tony McAloon, Chief Operating Officer, with a 35-year track record of business governance experience in the industry; and Oliver Dixon, Chief Financial Officer, with 15 years of experience driving companies’ growth strategies.
Dan Jackson said, “The launch of io represents a significant development that will challenge the way our industry operates. io combines industry expertise and powerful thinking to deliver greater certainty of costs and schedule to offshore field developments. The heritage and depth of experience from these two great parents allows the best talent in the market to come together and offer something new to operators during current challenging market conditions. 19
“The oil and gas industry is a vital component in the global energy mix, but increasing complexity of offshore field developments and the decline in oil price is challenging traditional ways of working. Now is the ideal time to launch io. The team’s proven expertise and innovative approach will deliver more efficient and customised solutions to offshore developments around the world.”
io is headquartered in London and will launch satellite offices in the US and Asia.