introducing io a new way

Transcription

1 introducing io a new way

2 hello and welcome an introduction to io from Dan Jackson CEO meet io where in the world? Change in the oil and gas industry often comes slowly it s rare for a disruptive shift in thinking or technology to occur and revolutionise the business. The offshore industry today is in a state of flux, and there is an urgent need for decisive change. Whilst the industry has come a long way in the last century, past successes in overcoming the constant stream of technological and commercial challenges do not guarantee its future. Without change, we cannot be certain that the offshore industry will continue to enjoy its place as an integral part of the global energy mix. Today, major deepwater and LNG projects can cost tens of billions of dollars. This is a far cry from the 1990s when megaprojects cost several hundred million dollars, oil was just under $20 / barrel and industry benchmarks were completely different. 1 Now, despite the industry being far more technically capable than ever before, some clients say that they cannot make projects commercially viable at $60 / barrel. Worryingly, overspending is rife, with a staggering two-thirds of offshore projects running significantly over budget or behind schedule. 2 And there is a new way The io way. io has a big idea and a big ambition. To transform how the offshore industry works, make projects more commercially viable through project cost savings of 30-40% and stabilise the offshore market. The industry needs to fundamentally change the way it works to survive and thrive. It needs to rethink established ways of working in order to better handle increasingly complex projects. The disconnect between operators and contractors is part of the reason why projects are not completed on time and on budget io is here to change that. io is a new model of offshore consultancy that combines industry expertise and powerful thinking to deliver greater certainty into the design and planning of offshore oil and gas developments. io provides the right balance of consultancy and engineering to effectively manage and deliver full field development plans. io is a GE Oil & Gas and McDermott venture, but operates independently. We are proud to be the first and only consultancy to offer full field provision for offshore projects, with all technical competencies covered. Dan Jackson CEO, io oil & gas consulting The io executives have vast experience across the oil and gas industry, with backgrounds in start-ups, offshore, subsea, oilfield services and finance. The team has also been involved in a significant number of offshore projects. / Dan Jackson, Chief Executive Officer, an industry pioneer with a track record of successfully starting and developing engineering consultancy businesses in the offshore sector. / Tony McAloon, Chief Operating Officer, with a 35-year track record in oilfield services across operations, product management, commercial management, governance, sales and marketing. / Mark Dixon, Chief Technology Officer, with over 20 years in the offshore industry including extensive start-up and broad domain expertise in offshore engineering and concept design. / Oliver Dixon, Chief Financial Officer, with over 15 years experience in driving companies strategic developments. Supporting its highly experienced management team, io has assembled a team of industry experts who provide the impartial advice that operators seek. io applies its scalable and flexible resourcing base, tailoring it to meet client requirements. In addition, to assist in the technical and commercial validation of its work, io benefits from access to specialist resources from GE Oil & Gas and McDermott. io is headquartered in central London, has opened an office in Houston and is currently establishing a presence in Asia. 1 Rate/Historical_Oil_Prices_Table.asp 2 EY East Coast Offshore, February

3 the io way delivering certainty through powerful thinking the io philosophy to reducing uncertainty Fix what is not working Reset industry norms Simplify the cost base / deliver a holistic approach io s approach to project planning encompasses all aspects of subsurface, subsea and facilities. io is able to deliver end-to-end solutions in full field development, and offers technical, financial, operational and business consultancy services. This approach blends: / the right people with broad experience and domain expertise / depth and breadth of knowledge / access to industry and specialist expertise / organisational insight / systems thinking io has created a pioneering approach that is particularly applicable to complex projects where conventional development techniques are rendered unsuitable by a project s intricacies and uncertainties. io s approach to systems thinking allows operators to make conscious decisions around contracting strategy. / act as full project architects rather than simply being engineers, io works with the client in an integrated manner. This leads to consolidated thinking and effective project development, right up to the point where investment decisions are made. / redesign the operator-contractor relationship io s knowledge of the contractor community allows it to manage and coordinate across the entire supply chain. This not only saves operators time, but also reduces cost and scheduling risk in the form of design conflicts, materials delivery and communications. / better planning and problem solving io offers consultancy, scalable project management and technical services to advise clients how best to execute projects. io is in a unique position that allows it to solve complex problems for clients with an independent, free-thinking perspective. It also provides a single point of contact. This approach: / injects new thinking, concepts and ideas for optimum results / provides insight into projects and asset portfolios / delivers innovative solutions free from historical bias / utilises internal resources effectively, and upskills where appropriate / ensures collaboration within and across an organisation Subsea boosting perfectly illustrates systems thinking. Boosting systems vary considerably and can be placed into Host, SURF or SPS contractor packages or managed separately with different technical and economic implications. Subsea boosting has a pronounced effect on flow assurance through the entire project life cycle and the systems approach is used to understand the benefit of boosting for the overall system performance throughout the asset life cycle. / reduce complexity by managing the intricacies of each part of the project, io reduces cost and schedule risk and delivers muchneeded certainty. This helps operators with their overall investment decisions, enabling projects to run through successfully. The role of standardisation in driving down costs is widely recognised throughout the industry, and io is part of that simplification process. This allows operators to work efficiently with suppliers. / remove inefficiencies operating seamlessly as an integrated part of the client team, io ensures that all stakeholders are fully aligned to deliver on time and on budget. io s new model of consultancy allows it to advise the executive management team, challenge the status quo and offer impartial advice; all of which help remove barriers to effective project delivery. / access to industry knowledge, experience and data building on the combined strengths of GE Oil & Gas and McDermott, io has access to and can leverage both companies specialist knowledge, experience and data. This assists in the technical and commercial validation of its work, allowing developments to proceed successfully. An offshore project is like a railway transportation system. Even with a top-of-the-line locomotive you need the tracks, ticketing and signalling systems, and many other parts to ensure that the entire system runs smoothly. If the track signalling system is two years late, the operator loses revenue for two years, and its economic model is at a standstill. It is the same in the offshore arena if a subsea floater is late, the subsea equipment cannot be connected, and nothing flows. 4 5

4 bringing together the world s most powerful thinking A closer look at GE Oil & Gas A closer look at McDermott io is born out of the shared vision of GE Oil & Gas and McDermott who believe there is a better way forward for the offshore industry. io operates fully independently from both companies, but is also in the unique position to draw on the enormous industry strength, contracting expertise and resources of its partners. McDermott s knowledge and specialist expertise of over 90 years together with the phenomenal technical and commercial strength of GE Oil & Gas is a powerful combination and enables io to deliver certainty, efficiency and insights to offshore projects. GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today s toughest operational and commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. At a challenging time for the industry, io represents an extremely attractive opportunity for operators to better manage their costs, mitigate risks and gain greater certainty on their investments. Rod Christie CEO, GE Oil & Gas Subsea Systems We feel the venture is a natural extension of our mission to help customers solve the world s toughest energy challenges. As a world leader in advanced technologies and services within the oil and gas industry, GE will lend its domain expertise in subsea production systems that will see the new venture devise technically advanced and robust solutions, especially in new deep-water developments. McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Operating in more than 20 countries across the world, McDermott s locally focused and globally integrated resources include approximately 13,400 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. McDermott is renowned for its extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. io has the right end-to-end DNA and brings a new style of free thinking that we expect will drive change in how projects are brought to market. Focused on its clients priorities, io offers unique value through broad and comprehensive field development expertise. As a leading offshore engineering and construction contractor, McDermott is proud to support io through its depth of technical knowledge, experience and access to the right knowledge for engineering, procurement, construction and installation services, and specialist construction equipment. David Dickson President and CEO, McDermott Lorenzo Simonelli President and CEO, GE Oil & Gas McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. Follow McDermott on Follow GE Oil & Gas on 6 7

5 connecting with io Careers at io io is like no other employer in the sector. It is committed to hiring top talent from a broad range of sector backgrounds. This forward-thinking approach, which values behaviour and mindset as much as experience, enables io to deliver agile problem solving and a fresh perspective. Its people are intellectually curious and inspire clients to believe they can do things differently, putting powerful thinking at io s core. If you are looking for an environment that encourages bold new thinking, working together and a fresh internal culture that will drive innovation and opportunity io is the place for you. Want to find out more? There are lots of ways to connect with io. If you want to find out more about how io can help your business, please contact: +44 (0) hello@iooilandgas.com If you are interested in working for io, look for the latest job opportunities on: company/io-oil-&-gas or your CV to: careers@iooilandgas.com Follow io on Twitter to get first access to news, updates and industry io oil & gas consulting 1st floor 3 More London Riverside London SE1 2RE version 01 / April 2015