Offshore
Technology Solutions Limited (OTSL) is the first company to sign on the
dotted line with "Prometheus Energy Partners", a Guardian Holdings
Limited (GHL) initiative to invest private equity in the upstream,
midstream and downstream sectors in the Energy industry.
GHL's Senior Vice President - Business Development Kristine
Gibbon-Thompson has announced her company's commitment of approximately
US$1 million in the OTSL operations to kick-start the energy financing
venture. She noted that "buoyant global oil and natural gas prices and
a significant increase in the level of offshore construction activity
in Trinidad and Tobago are positive trends in the development and
profitability of the local diving and marine construction industry".
World market trends point to continued stable and favourable prices
for oil and natural gas. Trinidad and Tobago therefore has the
advantage of close proximity to the US market. Further, there are
established natural gas reserves of 17 million cubic feet and the
investment by major multinational corporations such as British Gas and
BP in the Atlantic LNG Project, now anticipated to expand to as many as
six trains. All of which point to the long-term viability of Trinidad
and Tobago's hydrocarbon reserves. The marine services demand is driven
by worldwide demand for oil and natural gas; discoveries of new
reserves; the need to maintain and repair existing offshore production
facilities during the economic lives; regulatory requirements to remove
production facilities after the depletion of the fields and the need
for Trinidad and Tobago to be accepted as a reliable partner of the
United States.
According to OTSL CEO, Ian Bertrand, the company was established on
the structural foundations of the veteran Trinidadian service company
"Coastal Diving Services Limited" (CDSL). He says it "combines CDSL's
capabilities with additional technology and offshore support from Cal
Dive International, Inc (CDI) to create a new dynamic locally-owned and
operated company that provides effective Trinidad and Tobago solutions
for the offshore oilfield intervention requirements".
OTSL's new service line is a
direct and focused response ton the evolution of the energy sector in
Trinidad and Tobago, the Greater Caribbean and Latin America that has
now 'metamorphosed' into a sophisticated, demanding market with
extremely high standards for Safety, Quality and Cost Effectiveness. As
a shareholder, GHL now has representation on the OTSL board.
