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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".

Peak Group
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.

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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".

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Posted by Richard Price, Editor

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