Transocean benefits from innovative Peak P1 technology
Posted: 8 September 2003
Specialist in well engineering and construction, the Peak Group,
has delivered business success to one of its clients using its innovative
probabilistic risk management systems.
A subsidiary of Transocean Inc. (Transocean) the world¹s largest
offshore drilling company has recently been awarded an integrated
services contract with Oilexco Incorporated and its wholly owned
subsidiary, Oilexco North Sea Limited, to drill two wells in the
outer Moray Firth in block 15/25b.
In developing its proposals for Oilexco, Transocean used Peak¹s
P1 software. This process applies the probabilistic estimation techniques
known as Monte Carlo analysis to the calculation of well timings
and costs. P1 delivers a realistic representation of the spread
of possible time/cost outcomes in well delivery. This increased
understanding allowed Transocean to propose a highly cost-effective
integrated services arrangement to Oilexco.
Andrew Paterson, Managing Director of the Peak Group said: "Without
our sophisticated risk modelling techniques, companies traditionally
have been forced to build in contingent costs to cover the risk
uncertainties. P1 allows a much greater understanding of the project
thus allowing the operator and contractor to develop far more equitable
commercial terms in which all parties fully understand the uncertainties
and the allocation of business risk."
In addition to building the P1 models, Peak will provide a full
well project management service to Oilexco for the duration of the
project. Andrew Paterson said: " We are looking forward to
working in close collaboration with Transocean and Oilexco to provide
outstanding well delivery to Oilexco".
Established in 1996, The Peak Group has grown rapidly to
become a leading supplier of well engineering and operations management
services to the global upstream industry. Its service portfolio
incorporates the provision of full project management solutions
from engineering studies through to the provision of individual
consultants and well engineering processes.
The Peak Group was recognised as one of the UK¹s fastest growing
privately owned companies in a survey commissioned by Real Business
magazine in 2002. In January 2003 the company officially launched
its unique campaign modelling software application C1.
The application is an effective process in the better understanding
of and the reduction of campaign costs for projects ranging from
single well planning to multiple well campaign analysis.
In November 2002 the Peak Group launched P1Version 2, an update
on its P1 software application for the time-cost risk planning of
well construction activities.
For more information see www.peak-group.com.
Transocean Inc. is the world's largest offshore drilling
contractor with more than 160 full or partially owned and managed
mobile offshore drilling units, inland drilling barges and other
assets utilised in the support of offshore drilling activities worldwide.
The company's mobile offshore drilling fleet is considered one
of the most modern and versatile in the world with 13 fifth-generation
semisubmersibles and drillships, 15 other deepwater semisubmersibles
and drillships, 31 mid-water semisubmersibles and drillships and
50 jackup drilling rigs.
Transocean Inc. specializes in technically demanding segments of
the offshore drilling business, including industry-leading positions
in deepwater and harsh environment drilling services. With a current
equity market capitalization in excess of $6 billion, the company's
ordinary shares are traded on the New York Stock Exchange under
the symbol "RIG."
Oilexco Incorporated is an exploration and production company
based in Calgary, Alberta, Canada. Oilexco, through its wholly owned
UK subsidiary Oilexco North Sea Limited, is a new entrant to the
UK North Sea. Currently Oilexco holds 100 per cent interests in
three 20th Round Offshore Licences located in the Central/Outer
Moray Firth area and the Southern Gas Basin.
Oilexco Incorporated is a publicly listed company, with its common
shares traded on the TSX Venture Exchange (a venture market of the
Toronto Stock Exchange) under the symbol "OIL".
For more information please visit www.oilexco.com.
Posted by Richard Price,
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