Wison Acquires Sole Control of Buoyant Tower Technology

Wison Offshore Technology, Inc. (WOT) recently finished its acquisition of all interests in a technology concern incorporated in 2011 as a joint venture between Horton Wison Deepwater (HWD, predecessor to WOT) and General Marine Contractors, LLC (GMC).

The major asset of the joint venture is the proprietary Buoyant Tower technology originally developed by HWD. Wison’s acquisition of the GMC interest yields to WOT not only sole ownership but also exclusive control of the marketing and use of the Buoyant Tower technology.

The concept of Buoyant Tower came from the idea of Cell Spar and Compliant Tower technologies. It was first brought to realization in the design, construction and installation of the CX-15 project owned by then operator BPZ Resources. The CX-15 Buoyant Tower platform was designed by HWD, built in Wison’s fabrication yard in Nantong, China and installed offshore Peru in 2012. The platform is still in production, proved its technology and industrial application.

As a self-installed floating platform concept, the technology provides an innovative and cost-saving solution for the oil and gas development in shallow to medium-depth waters. The platform can support most of E&P operations such as drilling, production (dry tree), gas compression or treatment, crude stabilization, water treatment or injection, power generation and other utility purposes.

“We are very pleased to resume the full control of the Buoyant Tower technology as we believe that the technology has a great potential in the present cost-restricted market, in particular for the development of marginal oil and gas fields” commented Dr. Weimin Chen, Director of WOT. “Wison is determined to provide our clients with reliable and cost-efficient solutions in both upstream and midstream sectors of oil and gas industry”.