Oceaneering (OII) Tests AUV for Subsea Pipeline Inspection

Zacks Equity Research

3 June 2024 at 10:18 am·4-min read

Oceaneering International, Inc. OII and TotalEnergies SE TTE, a France-based integrated oil and gas company, joined forces to unveil a revolutionary advancement in pipeline inspection technology — the Freedom Autonomous Underwater Vehicle ("AUV"). This innovative solution promises to revolutionize the landscape of sub-marine pipeline inspections, setting a new standard for sustainable commercial missions.

Redefining Pipeline Inspection Standards

The recent collaboration between OII, a provider of oil and gas equipment and services, and TTE yielded remarkable results in the form of Freedom AUV. Designed to meet the ambitious goals of TTE to reduce environmental impacts, while ensuring pipeline integrity, Freedom AUV represents a significant leap forward in inspection capabilities.

Unparalleled Capabilities

The capabilities demonstrated in the pilot phase highlighted the commitment of OII and TTE to pushing the boundaries of underwater inspection technology. With a focus on reducing time and emissions, Freedom AUV boasts a remarkable 50% improvement over existing methods, all while maintaining the highest standards of inspection quality.

Milestone Achievements

The North Sea pilot program conducted by TotalEnergies was a testament to the effectiveness of Freedom AUV. More than 120km of sub-marine pipelines were inspected with precision and efficiency, building after previous demonstrations that covered an additional 60km of near-shore pipelines.

The ability of Freedom AUV to detect and track pipelines, while adhering to defined flight parameters, showcased its versatility and reliability in real-world applications.

Cutting-Edge Technology

Central to the success of Freedom AUV is its state-of-the-art instrumentation, including a laser scanning system and multibeam sonar technology. These advanced tools enable a detailed external inspection of subsea pipeline features, providing invaluable insights into their condition and surrounding environment. Moreover, the onboard autonomous capabilities ensure precise pipeline tracking, delivering comprehensive data sets with unparalleled speed and accuracy.

Implications for Industry

The introduction of Freedom AUV is a significant landmark in the evolution of underwater inspection technology. By streamlining inspection processes and reducing reliance on traditional Remotely Operated Vehicle methods, Freedom AUV offers a cost-effective and environmentally friendly solution for pipeline operators worldwide.

Enhanced Efficiency

One of the key advantages of Freedom AUV is its ability to conduct rapid pipeline inspections with minimal operational overhead. By automating data collection and processing tasks, Freedom AUV significantly reduces the time required to assess pipeline integrity, allowing for quicker decision-making and responding to potential issues.

Environmental Sustainability

In an era of increasing environmental awareness, Freedom AUV represents a major step forward in minimizing the ecological footprint of underwater inspection activities. By reducing the need for large vessels and lowering emissions associated with traditional inspection methods, Freedom AUV aligns with the sustainability goals of both OII and TTE.

Industry Recognition & Prospects

The successful deployment of Freedom AUV garnered widespread acclaim within the industry, with key stakeholders praising its performance and potential. TTE continues to explore new applications for Freedom AUV, including offshore wind projects.

Collaboration & Innovation

The development of Freedom AUV was the result of a collaborative effort between OII, TTE, Chevron Corporation CVX and Equinor ASA EQNR. By leveraging the collective expertise and resources of these industry leaders, Freedom AUV has emerged as a game-changing solution for underwater inspection challenges.

Chevron, through its subsidiaries, engages in integrated energy and chemicals operations in the United States and internationally. The company operates under two segments — Upstream and Downstream.

EQNR, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and other forms of energy in Norway and internationally. The company operates through Exploration & Production Norway, Exploration & Production International, Exploration & Production USA, Marketing, Midstream & Processing, Renewables, and Other segments.

Expansion Into New Markets

With its proven record and versatile capabilities, Freedom AUV is poised to make waves in new markets beyond traditional oil and gas pipelines. As demand for renewable energy sources continues to grow, Freedom AUV holds immense potential for applications in offshore wind farms and other renewable energy projects.

Conclusion

The collaboration between Oceaneering and TotalEnergies yielded an innovative advancement in underwater inspection technology with the introduction of Freedom AUV. By combining cutting-edge instrumentation with autonomous capabilities, Freedom AUV set a new standard for efficiency, precision and environmental responsibility in pipeline inspection missions. As industry leaders continue to embrace this innovative solution, the future of underwater exploration looks brighter than ever.

Zacks Rank

Currently, OII and TTE carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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