Gulf Island Fabrication Inc. is turning its attention from Offshore Oil Rig and pivoting their resources to Offshore Wind Turbines per the Wall Street Journal’s Erin Ailworth
“The Houston-based company—which recently built the foundations for the first U.S. offshore wind farm, near Rhode Island—is one of many oil-and-gas industry suppliers seeking to diversify into offshore wind, as lower oil prices take a bite out of that business.
Overall 18 wind projects are proposed for U.S. waters.
“For energy-services companies, finding new revenue streams is crucial as oil and gas from onshore shale formations continue to flood the market. Over the past three years, the number of rigs drilling for oil and gas in the U.S. Gulf of Mexico has dropped by roughly 75%, to 16 rigs on Friday from 63 in late August 2014,” the Journal reports.
However, booms and busts are common in the oil industry.
Gulf Island Fabrication was formed in 1985, amidst a downturn in the oil and gas industry. Today’s diversification includes Oil Rigs Platforms for onshore systems as well as the Offshore Wind Turbines.
Expectations are high that OPEC is not going to be able to keep production down. Which has led to Oil futures being depressed.
This despite the fact that “Dozens of listed energy companies filed for chapter 11 last year”
As was discussed at IoT Evolution for the IoT providers, this represents a great opportunity to be contracted to manage and maintain the systems in the energy sector. Claudio Lima, the Co-Chair of the Industrial Internet Consortium [IIC] Energy Council points out that the Oil and Gas industry (and for that matter Offshore Wind Turbines) represent very specific requirements for remote connectivity. From a processes point of view most of the industry is still using Excel spreadsheets to report information. While this would indicate low bandwidth requirements many companies, have video surveillance on the site. Central reporting about the flow and volumes has been essential for energy markets. The volatile markets represents and opportunity for central systems with remote monitoring and management capabilities.
Louis DeRouches from Intel further explained that Energy IoT systems could find economical solutions in the IT ecosystem.
The IIC’s Energy Councils, test bed for Oil Gas looks to take advantage of IT capabilities, to show the advantages of Edge Computing, better analytics and reduce the costs of operations.