) recently announced that its Onboard Direct current (DC) Grid
will receive the Spotlight on New Technology Award at the
Offshore Technology Conference (OTC). This conference is
scheduled from May 6 to May 9, 2013 and the awards given at the
OTC are primarily to honor innovative technologies in the oil and
gas industry. In addition, the OTC also recognizes innovative
technologies in the energy sectors that have the potential to
impact the offshore exploration and production.
The Offshore Technology Conference is the world's primary
event for the development of offshore resources in the areas of
drilling, exploration, production, and environmental protection.
OTC is held at Reliant Center in Houston, every year. The
Spotlight on New Technology Award is renowned all over the world
for excellence in innovating new technologies for further
development of the Oil, Gas and related energy sectors
Typically, for a technology to qualify for the Spotlight on
New Technology award must have five general criteria such as,
they must be latest and not more than two years old, the
technology should be innovative, which will ideally be for the
modernization and upgrade of the offshore and production
industry. In addition, the technology should have a proven record
and have efficiency and environmental benefits beyond the
ABB's Onboard DC is specially designed for a wide range of
vessels and ships with highly efficient power distribution,
automation and electric propulsion system, which not only reduces
fuel consumption and emissions by approximately 20% but also
generates the space needed onboard for electric equipment by 30%.
The first vessel to install the Onboard DC Grid system is a
Platform Support Vessel (PSV) being constructed at the Norwegian
shipyard Kleven for, Myklebusthaug Offshore.
The Onboard DC Grid (unlike the traditional electrical
propulsion systems), connects all DC links and distributes power
through one main DC circuit, which helps in generating major
power savings, thereby allowing maximum propulsion for the ships
With the Onboard DC Grid, ship's engines no longer operate at
a fixed speed and the engine's speed can be adjusted to economize
fuel consumption. Additionally, ABB's Onboard DC Grid also
reduces weight of the electrical equipment used as it eliminates
the need for massive transformers and main switchboards.
Therefore, it leaves more space on the vessels for cargo, larger
fuel tanks, enabling greater flexibility in the positioning of
system components in the vessel. Further the Onboard DC also
allows connection of ancillary DC energy sources such as solar
panels, fuel cells, or batteries, directly into the ship's DC
electrical system, which leads to extra savings on fuel.
Based in Zurich, Switzerland, ABB Ltd. is a power and
automation technology company and currently has a Zacks Rank #2
(Buy). Some other players in the same industry, which can be
considered buying at the moment are
Chicago Bridge & Iron
), which have a Zacks Rank #2 (Buy). Another peer,
Orion Marine Group, Inc.
) is good pick, having a Zacks Rank #1 (Strong Buy).
ABB LTD-ADR (ABB): Free Stock Analysis Report
CHICAGO BRIDGE (CBI): Free Stock Analysis
FRANKLIN ELEC (FELE): Free Stock Analysis
ORION MARINE GP (ORN): Free Stock Analysis
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