Investment during times of crisis is a key to future growth

Source: press release, 24 March 2021

Innovo’s electrically driven 10 tonne tensioners
Innovo’s electrically driven 10 tonne tensioners (photo: Innovo)

It is all very well to talk about coming out the other side of crises but it’s only by investing that we will get there in better shape.

The challenges brought by the low oil price and the pandemic have hit all areas of the energy and communications industries and the installation and recovery of subsea products, such as flexible pipelines, umbilicals, power cables and fibre-optic communication cables are no exception.

The energy industry has seen over the past year a number of delayed and cancelled global projects, but as the oil price recovers and vaccines look to take control of the pandemic, the demand for installation and recovery equipment has shown a significant growth in demand in recent months.

The global movement of these subsea products often requires transpooling from transportation reels to installation reels or direct to the installation vessel’s equipment, a process that uses the same installation and recovery equipment.

Engineering and construction company, Innovo, has met the challenge by investing USD 1 million to add to its installation and recovery equipment for sale and rental, which also adds the complete onshore transpooling service to Innovo’s operational capabilities.

Commenting on the acquisition of the new equipment, Garry Millard, Corporate New Business Development Director at Innovo, says, “Planning ahead is more essential than ever as we begin to come out of the immediate crises. With growth ahead for the renewables and communications industries, our latest round of investment is a response to clients’ need for streamlined, economical and value-added transpooling operations. We can now provide everything from the creation of method statements and organising port-side services as well as the equipment itself.”

“To support the growth in this area, we have added to our team by recruiting an acquisition manager, William Capello, who is based in Aberdeen, UK, and additional personnel in our engineering team,” Millard adds.

Innovo’s sale and rental equipment already included its Innodrive Reel Drive System (RDS), one of the largest modular powered reel drives available to the offshore energy and communications industries with a product capacity of 150 to 800 tonnes, and a PLC controlled level winder.

This latest investment sees electrically driven 10 tonne tensioners with product capacity of 40 to 600 mm, 550 tonne under-rollers and quadrant frames added to Innovo’s fleet. Associated equipment such as pipe straighteners, roller boxes and tugger winches are fabricated as required. There is a single control station for all equipment.

The company now has the capability to engineer and manage complete onshore transpooling operations from single or multiple reels of flexible flowlines, umbilicals, mooring wires, power cables or fibre-optic cables.

Location options for the transpooling system were assessed and the UK was selected in response to the growing demand for competitively priced rental equipment that can be mobilised and deployed quickly for installation, recovery and decommissioning projects in the North, Irish and Mediterranean Seas.

Millard concludes, “Having experienced the ups and downs of the energy industry over the last 20 years, I’ve learned that continuous investment in our people and an environment that enables them to innovate for the good of our clients and therefore our company is the best way forward. Keeping your nerve and following the values you’re committed to even during times of uncertainty is the surest way forward.”