Energy services firm Aker Solutions has set up a new venture which will use the world’s first “topside-less” subsea oil recovery system.

Aker Solutions said the new company, FASTSubsea, will use technology to increase oil recovery rates by 20% and cut capex by up to half.

It will hold a 50% stake in the venture with partner FSubsea holding the remainder.

In an announcement this morning, Aker Solutions said multiphase subsea pumping is rarely used at present due to issues like cost and space limitations.

Their new technology will overcome that and be deployable on platforms where there is no available topside space.

The agreement is subject to approval from Norwegian competition authorities.

Alexander Fuglesang, CEO of FSubsea, who will take on the role of managing director of FASTSubsea, said: “Creating FASTSubsea enables us to increase our speed to the market, reduce risk and reduce investment in multiphase test facilities.”

John Macleod, Aker Solutions’ chief technology officer, added: “Combining Aker Solutions’ subsea systems expertise and multiphase test facility with FSubsea’s Hydromag technology and lean mindset will benefit both companies,

“FASTSubsea has the potential to become a valuable addition to our portfolio of boosting recovery solutions.”