Legasea featured in AGCC Business Bulletin
Updated: May 16, 2022
A Word of Advice
Area of Expertise:
We are passionate about promoting reuse in the Oil and Gas Industry, central to our ethos is the concept of The Circular Economy, taking one company’s waste and restoring it to be of value elsewhere. Legasea offers clients the opportunity to divert new and used equipment from the scrapyard, making reuse a simple process, offering cost and time efficiencies, and improving green credentials in the industry. What should people know? That reuse isn’t a new concept, it’s something that’s been used for decades in other industries, such as the automotive and aviation industries. There are many strategic advantages in promoting reuse, for example the most commonly used piece of subsea production equipment, is the Subsea Xmas Tree, with a value of around £2.2m new. When no longer required by the Industry, it’s only option until now was disposal through the scrapyards with a value of around £5k. By following Legasea’s Recover; Refurbish; Recertify; Reuse process, these components could be worth substantially more. Reuse can also ensure immediate availability of many components which are now obsolete or on long lead times with the OEM, reducing downtime and maximising profits. What’s the biggest mistake companies make? Classifying their equipment as waste before investigating reuse opportunities. What’s your top tip? Speak to Legasea! We can assist with changing company policies and procedures, offering advice and support to clients to make the most of all reuse opportunities, pre and post decommissioning activities. When refurbishing and recertifying equipment, Legasea calculates an estimated Co2 emission saved for each project, showing a real time saving that our clients can use in their Corporate Social Responsibility reporting. This can increase the intangible asset value of a company through goodwill valuation; particularly important in the ever-changing landscape of oil and gas industry.