Sharing Economy Concept. Credit: CCB SUBSEA AS.

Norway’s state-owned company and national development bank Innovation Norway is supporting further development of oil and gas exploration services firm CCB Subsea’s business concept of ‘Sharing and Circular Economy’.

CCB’s business concept is a system conversion kit to enable ‘reuse and upcycling’ of ‘permanently installed subsea equipment’.

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It is capable of allowing ‘reuse of existing well systems’ in new applications.

According to CCB, the new ‘Circular Economy’ concept will enable significant cost savings, reduced risk and reduced production down-time with respect to the life extension of wells.

The project will initially include a conceptual study of design basis, barrier philosophy, three-dimensional modelling, as well as close interaction with industry stakeholders.

Detailed engineering and modelling, as well as establishing a basis for construction and testing assessment will be followed as the next phase of the project.

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CCB Subsea engineering manager Fredrik Normann said: “The CCB Subsea engineering team would like to thank Innovation Norway for the support. We work continuously with innovating new circular economy concepts to enable the reuse of equipment for sustainable life extension of subsea fields.”

Previously, Innovation Norway supported CCB Subsea with the development of a digital platform for sharing subsea equipment and related tools. Initiated in 2016, this project was executed in cooperation with major operators such as Shell, Vår Energi and Lundin.

Last year, NOROG acquired an application of the sharing portal.

The application was launched as SubQuip this year with 12 Norway-based operators as participants and partners.

Fredrik Normann Hansen added: “GCE Ocean Technology supported CCB Subsea with project funding advise. We appreciate the contribution which led to this successful award from Innovation Norway.”