Ocean Power Technologies Signs Agreement with Premier Oil
January 22 2018 - 8:45AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) announced today that
the Company has signed an agreement with Premier Oil (LSE:PMO), an
international oil and gas company, to study the feasibility of
using the PB3 PowerBuoy for decommissioning operations in the North
Sea. The contract outlines work that will determine the
viability of using the PB3 for monitoring and guarding remaining
wells and subsea equipment after removal of a floating production,
storage and offloading vessel and prior to subsea decommissioning
and/or well plugging & abandonment operations. The PB3 would
primarily be used to provide site monitoring and surveillance to
prevent vessel intrusion and disturbance of remaining subsea
infrastructure. The study will also evaluate the PB3’s
ability to monitor well pressures and temperatures by connecting to
subsea control modules. This added functionality could allow
more precise planning and prioritization of plugging and
abandonment activities by giving accurate real-time information on
well integrity, while also enabling PMO to provide regulators with
higher quality information on well conditions. George H. Kirby,
President and Chief Executive Officer of OPT, stated, “We are
excited about this new relationship and look forward to helping
Premier Oil further enhance its operations. We believe our
PowerBuoy could enable Premier Oil and other Operators to enhance
the decommissioning planning process and at the same time ensure
the safety of other users of the sea. The PB3 could
potentially serve as an alternative to an on-site guard vessel,
aiming to improve health, safety and environmental statistics and
reducing operational costs while incorporating clean power into
their offshore operations.” During the study, OPT will work
closely with Premier Oil’s other subsea equipment suppliers to
produce a design to integrate their equipment into the PB3.
If the feasibility study is successful, the next step could be to
prove the solution through a North Sea trial deployment in 2018.
“This technology aligns with our goals of increasing safety,
efficiency and operational effectiveness through the development
and utilization of the most advanced technologies that support our
oil and gas activities. The PowerBuoy system will deliver on
all these aspects and offer a step change in our decommissioning
planning processes. It also opens up potential future
applications for intelligent, remotely controlled small field
developments,” said Pieter voor de Poorte, Subsea Decommissioning
Lead, of Premier Oil. Kirby added, “We believe the Premier
Oil project could lead to other applications including pipeline
integrity assurance and the charging of underwater unmanned
vehicles, as well as Metocean data collection. We also hope
to leverage this work to further expand the use of our PB3
PowerBuoy throughout our other service areas including security,
defense and telecommunications,” added Kirby.
About Ocean Power
Technologies Headquartered
in New Jersey, Ocean Power Technologies aspires to
transform the world through durable, innovative and cost-effective
ocean energy solutions. Our PB3 PowerBuoy uses ocean waves to
provide clean, reliable and persistent electric power and real-time
communications for remote offshore applications in markets such as
oil and gas, defense, security, ocean observing, and
communications. To learn more,
visit www.oceanpowertechnologies.com. About
Premier OilPremier is an international oil and gas
exploration and production company. The company’s strategy is
to grow shareholder value by investing in high quality production
and development opportunities while maintaining exposure to upside
value from successful exploration within a strict capital
discipline framework. We seek to maintain the highest
standards of corporate responsibility. To learn more, visit
www.premier-oil.com. Forward-Looking
Statements This release may contain
"forward-looking statements" that are within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are identified by certain words or
phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions
or variations of such expressions. These forward-looking statements
reflect the Company's current expectations about its future plans
and performance. These forward-looking statements rely on a number
of assumptions and estimates which could be inaccurate and which
are subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's most recent Forms 10-Q and 10-K and subsequent filings
with the SEC for a further discussion of these risks and
uncertainties. The Company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release. Investor
Relations Contact:Andrew BarwickiBarwicki Investor Relations
Inc.Phone: (516) 662-9461 Media Contact:Marilyn
VollrathReputation Partners, LLCPhone: (414) 376-8834iEmail:
Marilyn@reputationpartners.com
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