Oil and Gas
There are over 17,000 miles of sub-sea pipelines in the Gulf of Mexico alone and nearly 10,000 sea based oil rigs currently in operation worldwide. About 80% of all oil and gas pipelines and other assets reside in 300 feet of water or less. Shallow water survey (and annual pipeline inspections) is a major function of the sub-sea oil & gas industry.
Current Products in Use: The Work Class Remotely Operated Vehicle (ROV), manned saturation diving systems and mini-subs
Their Limitations: Most of the products in use today require a large surface vessel and crew for transportation, deployment, support and retrieval making such systems cumbersome, slow to deploy, and very costly to procure and operate. To expand operations, additional and very expensive surface vessels must be added to a company’s inventory along with the purchase price of the sub-sea craft. Day rates range from $50,000 to $100,000 per day and there is a substantial and unseen lost opportunity cost that results due to the lack of assets available to supply the demand.
Hyper-Sub MSV's however do not require a transport vessel for its use and thereby negates the need to procure additional surface vessels to expand operational capabilities. A significant opportunity is available for a product that could be procured at 1/10th the cost while also being capable of operating at much lower day rates.