- Corporate Governance
Award-Winning Innovations to be Showcased at OTC 2023
HOUSTON (April 28, 2023) – Oil States International, Inc. (NYSE: OIS), a global provider of manufactured products and services for the energy, industrial and military sectors, announced today its receipt of two 2023 Spotlight on New Technology® Awards from the Offshore Technology Conference (OTC) for the FTLP™ Floating Wind Platform and Active Seat Gate Valve. The awards recognize Oil States for innovations that include a highly stable platform structure for the offshore floating wind market and a game-changing valve that dramatically reduces personnel intervention at the wellhead and grease use.
Oil States President and Chief Executive Officer, Cindy B. Taylor, stated, "We are very proud to receive such extraordinary recognition from OTC for our teams’ engineering efforts. These award-winning technologies demonstrate our commitment to providing new technologies to the traditional oil and gas industry while leveraging our core expertise to enable pathways toward a multi-source energy mix to meet growing global demand. We would like to thank OTC for honoring our work.”
The OTC Spotlight on New Technology Awards are selected based on product uniqueness, degree of ingenuity, demonstrated success, commercial viability and the ability to make a significant impact across the offshore industry. Past OTC Spotlight award-winning technologies from Oil States include the Merlin™ 15K HPHT Riser System, Managed Pressure Drilling & Riser Gas Handling System and the Merlin™ Deepsea Mineral Riser System.
As the demands of offshore wind farms are increasingly beyond the cost-effective limit for monopiles and jacket structures, next-generation platform technology is necessary to optimize the potential of this energy source. Oil States leveraged its more than 40 years of deepwater fixed and floating production infrastructure expertise to create the FTLP Floating Wind Platform. The FTLP is a fixed tension leg platform that minimizes levelized cost of energy (LCoE) across the offshore wind life cycle and streamlines installation compared to traditional floating wind platforms. The FTLP is designed for water depths up to 150 meters and wave heights averaging up to 10 meters, which greatly expands opportunities for offshore wind development. The FTLP can also be built locally, satisfying local content requirements and potentially eliminating costly quayside reinforcement.
For hydraulic fracturing operations, the Active Seat Gate Valve reduces valve grease contamination, improves sealing and lowers non-productive time (NPT) while reducing the amount of heavy grease used during valve operations by hundreds of pounds per well, which significantly reduces grease disposal requirements. Personnel intervention at the wellhead is cut substantially also, boosting safety and efficiency. The Active Seat Gate Valve can eliminate three hours of maintenance per 25 valves on a typical multi-well pad.
On May 1, OTC Spotlight on New Technology Award winners will be honored at the conference, and Oil States will showcase the FTLP platform, Active Seat Gate Valve, Managed Pressure Drilling & Riser Gas Handling System, Deepsea Mineral Riser System, Eclipse™ perforating gun assembly from GEODynamics and other innovations in Booth 2439. Throughout the event, the Company will demonstrate how it is connecting the energy future with traditional and lower-carbon energy sources for a multi-source energy mix.