Balmoral Leverages O&G Expertise into New Energy Markets

Summary

In this interview at OTC 2024, Greg Troutwine speaks with Gary Yman of Balmoral, discussing the company's innovations and its role in the energy market. Balmoral is actively involved in various energy sectors, with recent contract wins in Mozambique, Guyana, and the Gulf of Mexico. The conversation highlights the Rose Bank project's success with Equinor and Technip FMC, and the company's strategic transition into the renewable sector, particularly offshore wind, as evidenced by their involvement in the Hornsea 3 project. Yman emphasizes the importance of collaboration, understanding client needs, and leveraging Balmoral's 40 years of experience to contribute to the energy transition.

Takeaways

• 🎥 The video features Greg Troutwine from Offshore Engineer TV interviewing Gary Yman of Balmoral at the 2024 OTC event.
• 📍 Balmoral is present at the OTC in Houston, with a focus on meeting customers and discussing ongoing contracts, including new ones in Mozambique, Guyana, and the Gulf of Mexico.
• 🤝 Gary Yman is the Sales Manager at Balmoral and emphasizes the importance of contract wins for the company's health and well-being.
• 🚀 The Rose Bank project is highlighted as an innovative project where Balmoral worked closely with Technip FMC, a key customer, to develop a successful solution.
• 🌐 The collaboration with Technip FMC on the Rose Bank project involved understanding their issues and working together to provide the best solution in terms of product and overall process.
• 💡 Balmoral is transitioning into the renewable sector, leveraging its subsea experience from oil and gas to offshore wind, with a focus on fixed wind and a future move towards floating wind.
• 🌬 The Hornsea 3 project is a significant milestone for Balmoral in the renewable sector, marking one of the largest fixed offshore wind projects in the world.
• 🔄 Balmoral's approach to energy transition involves adapting its tried-and-tested solutions from the oil and gas industry to the renewable sector, with an emphasis on collaboration and understanding client requirements.
• 🌊 The company is also looking at floating wind platforms to power existing oil and gas fields, such as projects in the UK waters, as a stepping stone towards larger renewable energy projects.
• 📈 Balmoral is based in Aberdeen and is well-positioned to service projects off the UK coast, offering local content and production capacity to meet client needs.
• 🔗 The interview concludes with a focus on the importance of building relationships and collaborating for positive movement in the industry, with an eye on future projects in the US.

Q & A

What event is Greg Troutwine and Gary Yman discussing in the video?

They are discussing the Offshore Technology Conference (OTC) 2024.

What is the significance of Boral's presence at the OTC 2024?

Boral is at OTC to meet new and existing customers, reestablish relationships, and discuss ongoing and new projects, such as those in Mozambique, Guyana, and the Gulf of Mexico.

How does Gary Yman describe Boral's approach to working with clients on projects?

Gary Yman describes Boral's approach as collaborative, focusing on understanding the client's issues and working together to find the best solution from a product and overall process perspective.

What is the Rose Bank project, and what is its significance for Boral?

The Rose Bank project is an innovative oil and gas project that Boral has been involved with for several years. It is significant because it represents a successful collaboration with Technip FMC, a key customer, and involves electrification in UK waters.

How does Boral engage with clients like Technip FMC on projects like Rose Bank?

Boral engages with clients by understanding their issues, working closely with them from the early stages of the contract, and collaborating to produce a successful bid.

What milestone did Boral recently achieve with the Hornsea 3 project?

Boral achieved a milestone by transitioning into the renewable sector, specifically into offshore wind, with the Hornsea 3 project, which is one of the largest fixed offshore wind projects in the world.

How does Boral plan to leverage its experience in the oil and gas industry to the renewable sector?

Boral plans to transfer its subsea knowledge and experience from oil and gas to the offshore wind sector, focusing initially on fixed wind and then moving towards floating wind technologies.

What is Boral's strategy for energy transition and its role in it?

Boral's strategy involves identifying the need to transition, leveraging its 40 years of experience, and collaborating with clients to understand their requirements while also boosting production capacity to meet their needs.

How does Boral see the future of floating wind platforms in the context of energy transition?

Boral sees floating wind platforms as a stepping stone towards powering existing oil and gas fields and as a test bed for innovation and current technology, with the potential to play a strong part in the UK's energy transition.

What are some of the specific projects Boral is looking forward to being involved with in the US?

Boral is looking forward to being involved with projects on both the east coast and the west coast of the US, working with the same clients and developers as in other regions.

How does Boral emphasize the importance of relationships in its business approach?

Boral emphasizes the importance of relationships by focusing on collaboration, understanding client requirements, and building strong local content to service projects effectively.

Outlines

00:00

🤝 Boral's Presence at OTC 2024 and Contract Wins

Greg Troutwine interviews Gary Yman from Boral at the OTC 2024 event. Gary discusses Boral's delight at being back at the event, highlighting their engagement with both new and existing customers in the US. He mentions ongoing and new contracts in Mozambique, Guyana, and the Gulf of Mexico, emphasizing the region's importance to Boral. Gary also appreciates the significance of contract wins for the company's health and discusses the innovative Rose Bank project, where Technip FMC was appointed as the SURF contractor. Boral's collaboration with Technip FMC to understand and solve issues, and their focus on overall cost and process efficiency in subsea projects, are highlighted.

05:00

🌐 Transition to Renewables and the Hornsea Project Milestone

The second paragraph delves into Boral's strategic transition into the renewable energy sector, leveraging their experience from the oil and gas industry. Gary Yman speaks about the company's identification of the need to transition several years ago and their subsequent move into offshore wind, with a particular focus on fixed wind projects. He discusses the successful completion of the Hornsea project with Ørsted, emphasizing the company's customer engagement approach to understand and address project requirements. The conversation also touches on the adaptability of the industry and Boral's role in energy transition, including the potential for floating wind platforms to power existing oil and gas fields and Boral's readiness to contribute to such projects in the UK and possibly in the US.

Keywords

💡Offshore

Offshore refers to activities or operations conducted away from the coast, typically in the sea or ocean. In the context of the video, it is associated with energy markets, specifically offshore engineering and energy production. The script mentions offshore wind and oil and gas projects, indicating the company's involvement in these sectors.

💡Innovations

Innovations are new ideas, methods, or products that are introduced to improve existing processes or create new ones. The video script discusses the company's role in innovation within the energy sector, particularly in projects like Rose Bank and Hornsea 3, which involve novel approaches to offshore energy production.

💡Energy Markets

Energy markets encompass all activities related to the production, distribution, and trading of energy resources. The video focuses on the company's place in various energy markets, including oil and gas as well as the emerging renewable energy sector, showcasing its adaptability and strategic positioning.

💡Boral

Boral is the company being discussed in the video, which is involved in the energy sector with a focus on offshore projects. The script mentions Boral's presence at the OTC 2024 event and its engagement with customers and contracts in the US and other regions, highlighting its industry presence and activities.

💡Technip FMC

Technip FMC is a company mentioned in the script as a significant customer of Boral and the surf contractor for the Rose Bank project. The collaboration between Boral and Technip FMC is emphasized, illustrating the importance of partnerships in the successful execution of large-scale offshore projects.

💡Rose Bank Project

The Rose Bank Project is an offshore development discussed in the video, which has overcome several hurdles to reach fruition. Boral's involvement with Technip FMC on this project is highlighted, showcasing the company's role in providing solutions for complex offshore energy endeavors.

💡Electrification

Electrification in the context of the video refers to the process of incorporating electrical systems into projects, such as the Rose Bank Project, to improve efficiency and reduce environmental impact. It is mentioned as a future step for the project, indicating a move towards more sustainable energy practices.

💡Renewable Sector

The renewable sector involves the use of natural resources that can be replenished, such as wind, solar, and hydro power. The script discusses Boral's strategic transition into this sector, leveraging its experience from the oil and gas industry to support the growth of renewable energy projects like Hornsea 3.

💡Hornsea 3 Project

The Hornsea 3 Project is a significant offshore wind project mentioned in the script, which Boral has been involved with. It represents a milestone for the company's transition into the renewable energy sector and its commitment to large-scale, sustainable energy solutions.

💡Energy Transition

Energy transition refers to the shift from traditional energy sources to cleaner, more sustainable alternatives. The video script discusses Boral's approach to this transition, emphasizing the company's adaptability and strategic thinking as it moves into new energy sectors while maintaining its presence in traditional markets.

💡Collaboration

Collaboration is a key theme in the video, referring to the process of working together with clients and partners to achieve common goals. The script repeatedly mentions Boral's collaborative approach with clients like Technip FMC and Orsted, highlighting the importance of partnerships in the development of successful energy projects.

Highlights

Greg Troutwine interviews Gary Yman from Balmoral at OTC 2024.

Balmoral is participating in OTC in Houston with a focus on energy markets.

Balmoral has customers in the US and is managing several big contracts.

New contracts in Mozambique and Guyana, emphasizing the company's global presence.

Gary Yman discusses the importance of the Rose Bank project and its innovation.

Technip FMC is the SURF contractor for Rose Bank, a key customer for Balmoral.

Balmoral's collaborative approach to problem-solving with clients like Technip FMC.

The Hornsea 3 project marks a milestone in Balmoral's transition to renewable energy.

Balmoral's strategy to leverage oil and gas experience in the offshore wind sector.

Orsted's satisfaction with Balmoral's delivery for one of the world's largest fixed offshore wind projects.

Balmoral's adaptability in the energy transition and its role in the industry.

Floating wind platforms as a stepping stone towards renewable energy in oil and gas fields.

Balmoral's local content and service capabilities based in Aberdeen.

The company's 40 years of knowledge and experience in energy transition.

Balmoral's potential involvement in US renewable energy projects on both coasts.

The importance of collaboration and building relationships for future energy projects.

Transcripts

[Music]

this is Greg troutwine with offshore

engineer TV and we're here at the OTC

2024 and we're very pleased to be joined

by Gary yman of Bal moral to talk about

this company its Innovations and its

place in all energy markets so Gary uh I

know everybody knows B moral why don't

you just give us a little production of

yourself in the company yeah well

firstly Greg thanks for coming to join

us this morning we are delighted to be

back here at UTC Houston in our usual

spot here within the the UK Pavilion uh

Boral delighted to be here we've got a

number of customers here in the the US

so it's good to meet new faces and

reestablish relationships with existing

customers that we've perhaps not seen

for a period of time we' have a number

of big contracts that are being managed

out of Houston uh at this time we've

just picked up some new contracts in

mosambi we picked up some new contracts

in in Guyana as well as here in the Gulf

of Mexico so this region of the world

remains very important to us hence the

reason we're back here at UTC again okay

well as a sales manager contract wins

are very important to the health and

well-being of everyone in the

organization which I very much

appreciate so you know there have been a

lot but can you dive into uh the rose

ban project because I know that's a very

Innovative one for yeah the rose Bank

project H has been on our radar for a

number of years uh uh the project has

has overcome a number of hurdles to

actually come through to to fruition uh

fortunately for us equinor uh appointed

Technip FMC as their their surf

contractor techn is a very important

customer to us so we engage with them at

really early stages of the contract and

worked closely with them to um produce a

solution that uh that worked for them

that allowed them to be successful in

their bid going forward with with

equinor uh as I say we we work closely

with our clients in particular technique

on on this project where we actually sit

down and try to understand some of their

issues uh how we can solve that issues

how we can work together uh to get the

best solution on the table not just from

a product perspective but looking at the

overall cost and the overall process

that they actually have to go through on

these subsy projects so it takes a bit

of time a bit of collaboration uh but

more often than not you get a positive

result uh so yeah Rose bank is is a

great project uh there will be some

electrification on on that project in in

due course which is a good step forward

uh in UK Waters and in oil and gas uh so

yeah we look forward to real successful

contract with Technip FMC W that's

excellent so you know Gary we we could

probably sit here and talk all day and

all night about your projects because I

know B Morrow is very active uh in all

energy sectors offshore energy sector

globally uh but there I understand there

was an important Milestone recently with

the horn SE 3 project could you discuss

that a bit Yeah well as a business we we

identified the need to transition into

the the renewable sector some time ago

uh five six seven years ago probably now

certainly pre pandemic time uh using all

our subsi experience or subsi knowledge

that we have from oil and gas and

transferring that that knowledge into

the the offshore wind uh particularly

fixed wind uh with a view to to moving

towards floating as you can see in the

booth behind me we're demonstrating a

number of products that that have

actually transitioned across very easy

transition for us into the renewable

sector so again we take through the same

philosophy uh as we've used within oil

and gas we sit down engage with our

customers and try understand their

issues we did exactly the same with orad

at the at the time orell as their

perhaps uh pronounced uh in Europe uh

went through uh quite a prolonged

process to make sure that they were

satisfied that we could deliver for for

them on what will be one of the largest

uh fixed offshore wind uh projects in

the world so yes we were delighted to

get that one uh across the line and

again we look forward to uh engaging

with the team in due course to to make

sure we deliver on time and full you

know you talk about offshore wind we're

standing here in Houston the oil and gas

capital of the world again you're seeing

a lot of uh adaptability and long-term

strategic thinking throughout the

industry um as it applies to a b moral I

guess how do you approach this uh this

energy transition and your role in it

yeah well as I said we identified the

the need to transition across we uh in

UK Waters we we now see projects uh in

tog for example where they're they're

putting some floating wind platforms to

actually power up the the existing oil

and gas Fields so that is a good

stepping stone towards the the Scotland

uh project that they have there in UK

Waters uh really a test bed for for both

Innovation and current technology so uh

hopefully we we'll play a strong part of

that within the the UK strong local

content aspect to to that projects as

well being based in Aberdine we can we

can service these projects just off the

the the UK Coast as as we're doing with

with orad but again it's important just

to collaborate get together understand

the client's requirements whilst we're

doing that we can also boot production

capacity for them as well to make sure

that we can actually deliver on their

jobs and indeed they can get the supply

chain tied in to their requirements

going forward in the future as well so

energy transition extremely important

for us a lot of knowledge there and

experience is been built up over 40

years that you know is quite an easy

transition for us a lot of tried and

tested Solutions uh you know that will

really fit quite well within the

floating wind sector going forward then

we can take some of that technology here

to the us as well and there's a number

of projects both in the east coast and

the west coast of the states so

hopefully we'll be involved with them as

well same clients same developers uh so

it's important that we have that

collaboration build the relationships

and then we we can all move forward very

positively okay well Gary it's all about

relationships and moving forward so

again we appreciate your time we look

forward to visiting with you again in

the future no no problem GRE and thanks

again for visiting us today delighted to

have you here thanks a lot cheers thank

you

[Music]