With various projects like Woodside Petroleum's Browse floating LNG development being canned due to a belief that the industry could be suffering a structural decline, Pressure Dynamics' new partnership with the Norwegians, who are known for their technical sophistication in the oil and gas sector, appears perfectly timed.
Woodside is now free of having to use Royal Dutch Shell's Prelude technology for the Browse development and is now looking for more efficient ways of developing the Torosa, Brecknock and Calliance fields located 425km north of Broome, Western Australia.
Pressure Dynamics and Hitec will work together to provide the design, manufacture, supply, installation, commissioning and life-cycle servicing of major electro-hydraulic and chemical injection systems for subsea well control and offshore facilities like platforms, rigs, FPSOs and FLNG vessels.
The two companies said they would "effect technology, systems and process transfers and share resources in delivering continuous improvements respectively and mutually, and for their customers".
Pressure Dynamics CEO Stephen Harris said cooperation between the companies was a "natural progression" given their values and goals were "very compatible", so the synergies from the new arrangement would be comprehensive.
"Everyone will win as it allows us to seamlessly deliver a broader scope of services to our customers regionally and globally at a lower cost throughout both project and asset life cycles," Harris said.
"We are focused on delivering maximum value to our customers, who will benefit from dealing with a much stronger group with greater resources and expertise than either of us acting alone."
Hitec's Tor Atle Deisz said the agreement meant his company now had very strong representation both near its primary original equipment manufacturer customers, some of whom are in Norway, and also the end users of these products in Europe, Southeast Asia or Australia.
"By combining the capabilities and experience of two market-leaders for the oil and gas industry we will be able to provide innovations and a best-in-class, competitive service during the design and build phase with continuity of quality services through the installation and commissioning, and operational support phases," Deisz said.