STORY INLINE POST
Q: How has SOT Inc’s client portfolio expanded over the last year?
A: We had been working in association with PEMEX on some of its wellheads on shallow water projects and were hoping to extend our relationship. However, the new contract model that PEMEX uses means we will no longer be working directly with the NOC but with the service companies, including drilling companies, that bid directly for the contracts. We are involved with one of the major national drilling companies and are providing our subsea inspection services. This is how we expect to go forward.
There are several private companies with which we are in discussion to provide ROV services outside of PEMEX contracts. The market requirement is there because of growing opportunities but at present the handling of contracts is slower than usual. We expect that once activity picks up following COVID-19, our technologies will again be in demand.
Q: What are the benefits of the subsea technologies SOT Inc is introducing to the Mexican market?
A: SOT Inc has recently partnered with a worldwide manufacturer of subsea technologies. We are no longer just ROV providers and Mexico’s situation means that innovation will be key in the future. The partnership means we are no longer only a provider of technological services but also a retailer. We believe that considering Mexico’s current situation, innovative technologies like ours will be key to the industry’s development in the future. Mexico is now a major market because fields, both in shallow and deepwater, are being developed. There is opportunity for everyone, not just SOT Inc.
The company we have partnered with has given us the support to train Mexican local content for the market. As a Mexican company, we consider this an added value and allows us to offer local content to other companies. Though some international companies may be ahead of SOT Inc in terms of overall development, one of the real positives that we and other national companies have is our knowledge of our own waters and areas where we need to improve.
Q: How is SOT Inc changing its strategy to thrive in the new normal?
A: Firstly, we are a company that goes to great lengths to ensure the health of our employees. We decided to improve the health insurance packages that we offer our employees and have made the offshore regulations they work under more stringent. Like many other companies, we have enforced social distancing measures as daily practice and have set other measures like confinement for anybody suspected to be will.
Another change that we had been making prior to COVID-19, and one that will certainly continue afterward, is that the company is moving into environmental inspection. We use our subsea expertise to investigate the condition of reefs in the Pacific and Caribbean, tracking the degradation of reefs and waters surrounding Mexico. We also have an agreement with ASEA and work to measure water quality and other factors important to sea life, like the level of sound, to ensure their sustainability. We understand that protecting our environment is important for Mexico’s economic future and for the world. We have a couple of targets to close at the moment and we are excited about the future. We will also look at offshore wind farms, which are a small but a growing market in Mexico.
Q: How will SOT Inc be looking to develop in the next 12 months?
A: We have short, medium and long-term goals that we will move toward. Our ROV services on wellheads in shallow waters will continue to be our main focus, though we believe that the industry, considering the current situation, will recognize that it does not need a BMW to go to the corner store. Instead, alternative means will be found. Our subsea technologies have a lower price but deliver the great quality to clients. Everybody wants to spend less right now.
We believe that our approach will be very attractive to companies like PEMEX. Frequently, companies believe that subsea inspection using ROVs is expensive but we believe our approach removes that concern. Company leaders are also more aware of the environmental impact from their activities and SOT Inc is dedicated to reducing any impact its subsea services have on a local area. For the mid and long-term, we intend to continue the work we are doing with leading Mexican universities to train local content in the use of our technologies. We are dedicated to improving the capacity of local workers.
Subsea Offshore Technology (SOT Inc) is a Mexican firm offering unique subsea inspection services through affordable and environmentally-conscious means. The company’s ROVs are equipped for shallow waters and deal with O&G and environmental issues.