Periodic Reporting for period 1 - SUBPORT (Subsea socket for offshore Platforms based on Tide turbines)
Reporting period: 2017-06-01 to 2017-09-30
C2C has developed the SUBPORT - a subsea unit which converts tidal streams and ocean currents into steady electrical power for Oil & Gas (O&G) wellheads and remote subsea installations. It can be used anywhere there is a tidal flow of 0.5m/s or above. SUBPORT can be located as a stand-alone, remotely on a subsea structure or directly on the top interface of a subsea Christmas Tree. It is simple and quick to install and is designed to operate maintenance free, giving years of reliable performance. Our aim is to commercialize SUBPORT in 2020, sell 26 units and generate € 20.8 Mill of revenue in 2023.
Technical feasibility results: we defined the technical development plan together with a € 1.2 Mill budget, analysed the risks, defined the instrumentation to be tested and defined the end users for technology validation. We analysed the standardization need and deemed that our primary understanding was correct. We analysed the EMEC’s Shapinsay tidal test location’s environmental characteristics and chose this as a testing site. In commercial feasibility we studied the global production & consumption of O&G, offshore O&G market, the potential clients: O&G offshore companies and drilling companies. We also carried out a more thorough competitor analysis, redefined our competitive advantage and carried out a freedom to operate search that confirmed green light for market entry. Our 12 international patents give us the exclusive right to exploit the technology in chosen markets. We further made market prioritization and positioning for the product and analysed two business cases in the O&G field: brownfield and greenfield. We set up a preliminary Commercialization and Communication plan and shortlisted 13 industry events to attend in the next to 2 years. We also defined our most valued partnerships. In the financial feasibility we estimated that we will start Brownfield turbines sales in 2020 and Greenfield turbines in 2021. By 2023 we aim to achieve a ROI of 9.82.
Unlike competing solutions SUBPORT is designed to work in low current conditions, to minimise foundation and installation requirements. The design is optimised to make use of both standard components and the current industry supply chain. We have also designed a new logotype and registered it. We plan create more than 20 new jobs by 2023. In O&G application the Operator in selecting SUBPORT over a conventional replacement of a subsea umbilical can save some €47.5 Million.