Optime Subsea Services is a newly established subsea oil and gas services company founded by DeepOcean and a group of former employees of FMC Technologies Inc. (FTI), a May 12 release said.

Optime Subsea Services develops its own technology and provides services within subsea intervention, installation and workover operations. Its technology strategy intends to be as simple as its technology—challenge the traditional solutions to deliver significant operational cost savings for the operators.

DeepOcean has invested several million Norwegian kroners to acquire a stake in the company, the release said.

The company focuses on penetrating the market with two technological step-changes—the multiCompletionSystem (mCS) called Light Completion Intervention System (LCIS) and the Remove Operated Completion System (ROCS) for future installation of tubing hangers on subsea trees.

Its mCS can provide up to 80% time and cost savings on subsea tree installations compared to traditional solutions, the release said.

Jan-Fredrik Carlsen, Optime Subsea Serivces CEO, said in the release that one of the company's solutions can save between US$1- to $2 million per vertical subsea tree installation.

The company has offices in Houston and Notodden, Norway.