Subsea Engineering, Inc. has announced that Houston based oil and gas investor Lance Patrick has joined the company as President.
In this role, he will oversee all company operations effective immediately, and will report directly to the Board of Directors. “Mr. Patrick’s family has been highly successful active investors in the oil and gas space for generations, and we are delighted that he shares the vision of such promise in the company’s technologies,” said Timothy Batchelor, Chairman, Board of Directors of Subsea Engineering, Inc.
With Patrick joining the company, Subsea Engineering also announced that it is relocating its corporate headquarters to Washington, D.C. In this regard, “the company will be better positioned to harness its key relationships to bring a technology to market that is vital to the national security of the United States,” said Batchelor.
The company will maintain an Advanced Technologies Development division in Atlanta, Georgia, and is currently evaluating locations for principal manufacturing and assembly, scheduled to commence in 2015 with deliveries beginning in 2016. States under consideration for development and manufacturing facilities include: Georgia, South Carolina, Texas, Washington and Hawaii. “Subsea has dramatically altered the business plan around the Hyper-Sub technology, since our acquisition of it earlier this year. This initial selection of a site for principal manufacturing and assembly will translate into thousands of direct and indirect jobs related to the Hyper-Sub technology by the time the company has reached full operations,” said Shawn Beswick, Director, Board of Directors of Subsea Engineering, Inc.
Subsea Engineering, Inc. acquired the Hyper-Sub technology on February 8, 2014, and has been working on solutions to bring the technology to market since that time. “Former owners of Hyper-Sub found themselves plagued with organizational difficulties, which stymied the technology’s progress to the market. The fact that Subsea Engineering discovered this diamond in the ruff, acquired it, and has made such effective and efficient progress to bring it to market is truly remarkable. Subsea Engineering has accomplished in months what others have failed at over nearly a decade,” said Lance Patrick, President, Subsea Engineering, Inc. “The company is now actively closing out loose ends generated by the technology’s initial design company, and has already approved assuming that company’s obligations so they too can share in the success of the technology’s deployment into the marketplace. These folks have been on quite the bull ride, and Subsea is proud that it now has the ability to provide an opportunity for them to see recoupment on their obligation, however belated it is,” said Patrick.
“We are delighted that Mr. Patrick has made such an extraordinary commitment to Subsea Engineering, and we look forward to bringing this vital technology to market together,” said Beswick.
Press Release, August 05, 2014