LONDON, January 15, 2015 /PRNewswire/ --
io is a new model of consulting in
offshore field developments
GE Oil & Gas (NYSE: GE) ("GE") and McDermott International,
Inc. (NYSE: MDR) ("McDermott") today 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 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.
"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.
For more information see http://www.iooilandgas.com or follow io
oil & gas consulting on Twitter
Contact information
Joanna Hoare
Senior Account Director
Hill + Knowlton Strategies
Joanna.Hoare@hkstrategies.com
+44-20-7413 3035
+7990-773-566
Rachel Kelly
Account Manager
Hill + Knowlton Strategies
Rachel.Kelly@hkstrategies.com
+44-207-413-3008
Simon Whitehead
Managing Director
Hill + Knowlton
simon.whitehead@hstrategies.com
+44-207-413-3718
+44-7795-953-318