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Subsea Norway As one of the world’s most technologically innovative in- dustries, the highly specialized subsea sector is not typically known for standardized operations. But that is changing. Companies like Statoil, the world’s second largest subsea operator, have traditionally achieved success by pushing the boundaries to what is possible under water, frequently going “longer, deeper and colder.” But as the complexity of global subsea projects grows, so too does the bill for contractors, suppliers, operators, engineers, researchers and just about everyone involved in subsea proj- ects. Many believe that this doesn’t have to be the case. Ac- cording to some of the leading companies in Norway’s vibrant subsea cluster, including Statoil, standardization is an effec- tive way to generate cost savings in even the most complex projects. Standardization does not necessarily mean innovation is stifl ed. Rather, instead of spending costly engineering hours working toward the next grand, over-over-the-top subsea solu- tion, industry leaders are striving for smart, simple answers to some of the sector’s largest challenges. This means innovation comes in the form of quick and effective, yet less costly, solu- tions that do not sacrifi ce quality. Statoil’s Fast Track work process, for example, adds “sim- ple, standard and cheaper” to “longer, deeper and colder,” said Torger Rød, Statoil’s SVP for Subsea, Pipelines and Cessa- tion. The program essentially fuses tailored innovations with standardized solutions to develop and begin subsea production within a 30-month timeframe. Under this accelerated method, product specifi cations are simplifi ed, existing designs are reused when possible and con- cepts are chosen from a preexisting catalog, eliminating the concept selection phase, Rød explained. With Fast Track, the company reports a 40% shorter execution time, a low breakev- en level of $40/boe and average IRR (nom) greater than 25%. Statoil currently has six Fast Track projects in operation off Norway, with six more on the way. Image cour tesy of S t atoil Subsea: Standardization is the New Innovation By Eric Haun June 2014 10 MTR MTR #5 (1-17).indd 10 6/9/2014 9:34:51 AM
