Chevron Corporation CVX, one of the world's leading energy companies, joined forces with tech company BeyonC to revolutionize subsea inspections. This partnership combines Chevron's expertise in offshore operations with BeyonC’s cutting-edge technology, resulting in the development of state-of-the-art mini remotely operated vehicles (ROVs).
These mini ROVs, equipped with FiGS sensor technology from FORCE Technology, offer a game-changing approach to asset assessment. They also provide Chevron with accurate and comprehensive data without the need for diverse or work-class ROVs. Chevron has successfully usedROVs for subsea structure surveys with revolutionizing accuracy, efficiency and cost savings in asset assessment.
Benefits of Using Mini ROVs in Subsea Inspections
Enhanced Accuracy and Efficiency
Chevron's journey with mini ROVs began in 2020 when it began testing in Angola. Since then, the company has conducted more than 30 structure surveys using these compact yet powerful devices equipped with FiGS sensors. These surveys have yielded a thorough and accurate assessment of Chevron's assets, enabling the company to make informed decisions regarding subsea maintenance and operations.
Extensive Survey Plans
Building on its initial success, CVX is now poised to undertake more than 150 structure surveys over the next three years in the region. This ambitious plan showcases the company's commitment to leveraging innovative technology in optimizing operations and improving asset management strategies.
Substantial Cost Savings
One of the most significant advantages of employing mini ROVs lies is the substantial cost savings. Chevron's Southern Africa Strategic Business Unit has estimated savings of approximately $130,000 per placement by employing these cutting-edge devices. These savings stem from multiple factors, including minimizing the need for divers, eliminating the requirement for a separate vessel, reducing the need for additional personnel for vessel-based ROV deployments and accelerating the inspection process.
Increased Speed and Flexibility
Compared to their larger versions, mini ROVs have a distinct advantage in terms of speed and flexibility. According to Chevron, these miniature devices can run up to five times faster than work-class ROVs, facilitating swift and efficient inspections. Moreover, these compact ROVs are designed to operate effectively in shallow water.
Powerful Performance
Despite their compact size, these versatile devices can be deployed by a team of as small as two people, eliminating the need for a large vessel and reducing the complexity of field execution. Powered through their tether, mini ROVs can also run on batteries for up to six hours, ensuring extended operational period.
The Synergy of Collaboration
Chevron's partnership with BeyonC and the integration of FiGS sensor technology have yielded remarkable results in the realm of subsea inspections. By leveraging the collective expertise of all three entities, Chevron has positioned itself at the forefront of innovation in the energy industry. This collaboration exemplifies the company's dedication to continuously pushing boundaries and adopting cutting-edge solutions for improved operational efficiency and asset management.
Future Implications and Industry Impact
Chevron's adoption of mini ROVs for subsea inspections marks a milestone in the industry. By showcasing the tangible benefits of this technology, the company sets an example for other operators to explore similar solutions. The increased accuracy, cost savings and operational efficiency associated with mini ROVs create a compelling case for their widespread adoption, leading to a transformative shift in the subsea inspection landscape.
With Chevron's commitment to pushing boundaries and embracing cutting-edge solutions, the future of subsea inspections looks brighter than ever.
Zacks Rank and Key Picks
Currently, CVX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum EPM, sporting a Zacks Rank #1 (Strong Buy), and Murphy USA MUSA and NGL Energy Partners NGL, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is worth approximately $264.82 million. EPM currently pays a dividend of 48 cents per share, or 6.03% on an annual basis.
The company currently has a forward P/E ratio of 7.37. In comparison, its industry has an average forward P/E of 10.60, which means EPM is trading at a discount to the group.
Murphy USA is valued at around $6.75 billion. In the past year, its shares have risen 15.2%.
MUSA currently pays a dividend of $1.52 per share, or 0.49% on an annual basis. Its payout ratio currently sits at 6% of earnings.
NGL Energy Partners is valued at around $502.64 million. In the past year, its units have risen 164.6%.
The partnership currently has a forward P/E ratio of 4.38. In comparison, its industry has an average forward P/E of 14.10, which means NGL is trading at a discount to the group.
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