Ocean Power Technologies Signs Agreement With Eni S.P.A. To Provide PB3 PowerBuoy™ For Subsea Oil And Gas Operations
Tuesday 20 March 2018
Ocean Power Technologies, Inc. announced that the Company has signed an agreement with Eni S.p.A., one of the world’s largest multinational oil and gas companies, to supply a PB3 PowerBuoy™ for a demonstration of one of Eni’s subsea oil and gas operations. The agreement provides for a minimum 24-month contract that includes an 18-month PB3 PowerBuoy™ lease and associated project management. OPT will also provide deployment support, remote data collection and monitoring. The project is expected to commence in March 2018.
The OPT PowerBuoy™ will be deployed in the Adriatic Sea to advance Eni’s Clean Sea technology for marine environmental monitoring and offshore asset inspection using autonomous underwater vehicles (AUVs). The PowerBuoy™ will be used to demonstrate subsea battery charging, and eventually may be used to provide a stand-alone charging station and communications platform that would enable the long-term remote operation of AUVs.
At the end of the initial 18-month lease and upon successfully achieving pre-defined technical metrics, Eni will have the option to either extend the lease for an additional 18 months or purchase the PB3 PowerBuoy™.