io oil & gas consulting has passed its one-year mark with a global client base and team that has grown more than 10-fold since its launch in January 2015.
The company, an independent venture from GE Oil & Gas and McDermott, launched in January 2015 to transform the development of front-end solutions for the upstream sector. Since then, io has grown to more than 50 people, moved its London headquarters to the iconic Shard and opened an office in Houston.
io works across greenfield and brownfield projects and has signed four clients since its launch, with multiple engagements for each across global locations.
Its work on operations last year yielded capital spending reductions up to 30 percent on average, and up to 50 percent on one brownfield extension project. The team is currently discussing projects in the North Sea, Australia, Gulf of Mexico and West Africa.
Dan Jackson, io’s CEO, said, “We were delighted with our first year of business – successfully establishing ourselves as a leader in the upstream space. We are now full steam ahead in 2016, supporting clients who are increasingly turning to us for deal facilitation and advisory services for project execution and funding.”
“The feedback from operators on our unique proposition has been extremely positive and we believe we can form a step-change in offshore operations to help the industry survive in low oil price environment, which is a market reality for the coming months.”