ABTechnology Sign Commercial Aggreement with Key Strategic Partner

Posted Thursday 17th June 2010

At a meeting yesterday, an agreement was signed by the Managing Director of ABTechnology, Mr Barath Rajgopaul and the Chief Executive Officer of Ocean Resource Limited (ORL), Mr David Bone.

The agreement grants ABTechnology exclusive global rights to the range of buoy technologies developed by ORL. The technologies offer an innovative approach to developing offshore energy assets, with process/production equipment being housed within buoys as opposed to conventional fixed platforms. The lower capital and operational costs of this approach make it attractive for the development of assets where the cost of conventional methods of development are uneconomic.

Barath Rajopaul, Managing Director of ABTechnology said:
“I am delighted that we have signed this deal with ORL. The technologies developed by ORL, together with their technical and project management resources, make them a key partner in delivering our vision of utilising buoys to provide an efficient method of offshore asset production.”