Promethean Energy Corporation and Enpro Subsea to Pursue Technical Collaboration in the Deepwater Gulf of Mexico

HOUSTON, Nov. 2, 2018 /PRNewswire/ -- Promethean Energy Corporation (Promethean) and Enpro Subsea (Enpro) announce the execution of a Memorandum of Understanding aimed at jointly pursuing advances in deepwater subsea technology and equipment.

Aditya Singh, CEO of Promethean said, "Promethean is committed to deploying leading edge subsea practices and technologies to enhance value of Deepwater fields. As a technology integrator and a high technology upside company, we are a firm believer in providing a venue wherein innovative methods and technologies can be adopted to reduce costs, enhance production rates and increase ultimate recovery from existing Deepwater fields. We look forward to leveraging the progress made by Enpro in the Gulf of Mexico on multiple field developments."

Ian Donald, CEO of Enpro said, "We very much appreciate the opportunity to work with Promethean given their clear vision to pursue leading edge practices and technologies to enhance reserves, increase production and decrease costs and time to first production. We can contribute to that strategy with Enpro's deep understanding of the subsea market and the challenges our clients face in maximizing value across the life cycle of their assets."

Promethean Energy is a next generation Development and Production (D&P) company with a disciplined focus on discovered resources in the Gulf of Mexico and beyond. Promethean has a clear vision and strategy – to unlock value from existing resources via integration of data, technologies and leading-edge practices across the D&P lifecycle. To enable such higher order integrative capabilities, to benefit from working at the frontier with requisite scale, and to achieve a high level of expertise in safe, sustainable and efficient operations, the company has established strategic alliances with major industry partners.

Enpro Subsea support and assist owners and operators evaluate their assets to aid investment decisions, build field development and production enhancement strategies to maximize the value from their portfolio. Enpro's FAM enhanced subsea architecture delivers structural cost reduction and first oil faster. Added to this, Enpro also provide engineering and project management expertise to provide the best execution and delivery of the chosen strategy.

SOURCE Promethean Energy Corporation