WESI, TEI Join Forces to Form New Company

- WESI, TEI Join Forces to Form New Company

Thursday, July 07, 2011
Waterford Energy Services Inc.

Waterford Energy Services (WESI) and Trendsetter Engineering (TEI) have entered into an agreement to form a joint venture company to leverage the strengths of both companies in the areas of subsea solutions, drilling, completions and well control.

"We are well positioned to provide expertise and solutions to Canadian clients in areas such as capping stacks and containment, secondary blow out preventer (BOP) controls, subsea trees, manifolds, and related equipment. Our primary goal is to provide the Canadian offshore market with a capping stack and containment service," said Ian O'Leary, Project Manager at Waterford Energy NL Inc.

"We have developed a First Response Well Containment System (FRWCS) using equipment and technology located in Newfoundland and Labrador so we will be able to provide an immediate and local response to contain spills at the source. The technology we're using is the first of its kind in Newfoundland and Labrador and in Canada. We can help protect and save our environment in a timely manner, and show that our province has the capability and infrastructure to be a legitimate industry center, serving Canada and the North Atlantic region."

Delays in oil spill response time can have disastrous consequences as demonstrated by the 2010 spill in the Gulf of Mexico. Reliance on comparable containment systems located elsewhere in the world would result in potentially catastrophic delays in mobilization to Newfoundland and Labrador, Nova Scotia, the Gulf of St Lawrence, Beaufort Sea, or other parts of Canada due to their location and possible contractual commitment(s) to other operators.

WESI has consulted extensively with the Canada-Newfoundland Offshore Petroleum Board (CNLOPB) to ensure alignment with evolving regulatory requirements and the CNLOPB has been very supportive of the direction WESI is taking with the containment system. O'Leary said its FRWCS is designed to be compatible with the rigs operating in the harsh North Atlantic environment.
"We have the ability to export this capability to frontier regions where exploration is in its early stages. We're confident that this is the answer to an existing gap in the local oil and gas industry. With the locally-based FRWCS, we can be ready to protect our waters and coastlines, sustain future growth, and help industry explore in a responsible manner."

WESI's containment system is managed by an advisory board of world class industry experts and local professionals in areas such as spill response, subsea equipment, environment-health-safety, insurance and law; their role is to assist in the design and oversight of the manufacturing and commissioning process. O'Leary said Canadians should feel confident that the best industry practices and equipment will be located in an area where immediate access is assured. "We have the equipment and expertise to create a solution to oil spills off our coast and beyond, helping to ensure that past tragedies are never to be repeated."

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