Western Australia-headquartered Matrix Composites and Engineering has signed an agreement with AMOG Technology for the commercialization of the Longitudinally Grooved Suppression (LGS) system.
The agreement has an initial five-year term, with an option for Matrix to extend for a further five years.
LGS technology reduces drag and vortex induced vibration (VIV) on tubular structures when exposed to ocean currents. This means floating drill rigs and platforms can continue operations under high ocean current conditions, providing producers with increased production and improved operating efficiencies due to less downtime.
Furthermore, the technology also reduces loads and service life fatigue risks for offshore submerged structures and is applicable to a broad range of marine applications in both newbuilds and the aftermarket. This includes drilling risers, production risers, pipelines, flowlines, and pylon and jacket structures.
“Extensive testing has shown that the drag reduction properties of LGS means floating drilling rigs will be able to continue operating in high current conditions and do so safely,” said Aaron Begley, CEO of Matrix.
“Offshore operators in high current conditions, such as in the Gulf of Mexico, are required to suspend drilling operations due to high currents, which adds substantial costs to operations.
“In the current oil price environment, this agreement comes at the perfect time given the cost savings and increased production LGS can deliver, which we believe will be highly attractive to producers,” Begley said.
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