Deepwater Corrosion Services, Inc. Market Research Report

Background

Company Overview

Deepwater Corrosion Services, Inc. (DCSI), established in 1986, is a Houston-based company specializing in offshore corrosion control solutions. The company offers a comprehensive range of services, including cathodic protection system design, anode system manufacturing, and corrosion engineering, primarily serving the oil, gas, and wind energy sectors. DCSI operates globally, with offices in the United States, United Kingdom, Brazil, Australia, and other locations.

Mission and Vision

DCSI's mission is to protect offshore infrastructure from corrosion by developing efficient systems that extend and monitor the productive lives of assets. The company aims to deliver the simplest and most effective cathodic protection solutions to clients worldwide, ensuring the longevity and reliability of offshore assets.

Industry Significance

As a leader in offshore corrosion control, DCSI plays a crucial role in maintaining the integrity of subsea infrastructure. The company's expertise in cathodic protection and corrosion engineering is vital for the oil, gas, and renewable energy industries, where asset longevity and reliability are paramount.

Key Strategic Focus

Core Objectives

DCSI focuses on providing innovative corrosion control solutions that enhance the lifespan and performance of offshore assets. The company's objectives include:

• Developing advanced cathodic protection systems.

• Offering comprehensive corrosion inspection and survey services.

• Providing anode retrofit solutions for aging infrastructure.

• Delivering corrosion laboratory and failure analysis services.

Areas of Specialization

DCSI specializes in:

• Offshore oil and gas platforms.

• Subsea pipelines.

• Floating production storage and offloading (FPSO) units.

• Offshore wind farms.

• Docks and jetties.

Key Technologies Utilized

The company employs proprietary technologies such as:

• Polatrak® Monitoring Systems: Fixed electrodes and cathodic protection test stations for tracking performance over time, reducing survey costs.

• I-Rod® Pipe Supports: Solutions to prevent corrosion at pipe supports, developed and accepted worldwide by operators.

• RetroBuoy™ Sleds: Anode retrofit technology designed for deepwater applications.

Primary Markets Targeted

DCSI primarily targets markets in:

• Offshore oil and gas exploration and production.

• Offshore wind energy.

• Marine infrastructure, including docks and jetties.

• Onshore oil and gas facilities.

Financials and Funding

Funding History

DCSI has secured funding through various rounds, including:

• 2012: Raised $8 million in a preferred equity investment to support growth and expansion.

• 2018: Acquired by Acteon Group Ltd., a move that broadened DCSI's technical knowledge and expanded its capabilities in data collection, surveying, engineering analytics, and repair solutions for subsea infrastructure.

Utilization of Capital

The capital raised has been utilized for:

• Expanding research and development efforts.

• Enhancing manufacturing capabilities.

• Broadening service offerings.

• Strengthening global operations.

Pipeline Development

Key Pipeline Candidates

DCSI's pipeline development focuses on:

• Anode Retrofit Solutions: Replacing failing anodes on offshore assets to extend their operational life.

• Cathodic Protection Systems: Designing and implementing systems to prevent corrosion in new and existing pipelines.

Stages of Development

These solutions are in various stages, from conceptual design to full-scale implementation, depending on the specific project requirements.

Target Conditions

The pipeline solutions target conditions such as:

• Deepwater environments.

• Harsh marine conditions.

• Aging infrastructure requiring life extension.

Anticipated Milestones

DCSI aims to achieve:

• Successful deployment of retrofit solutions on major offshore platforms.

• Implementation of cathodic protection systems in new pipeline projects.

• Recognition for innovation in corrosion control technologies.

Technological Platform and Innovation

Proprietary Technologies

DCSI's proprietary technologies include:

• Polatrak® Monitoring Systems: Advanced tools for monitoring cathodic protection performance.

• I-Rod® Pipe Supports: Innovative solutions to prevent corrosion at pipe supports.

• RetroBuoy™ Sleds: Anode retrofit technology for deepwater applications.

Significant Scientific Methods

The company employs:

• Corrosion Testing: Utilizing advanced laboratory facilities to simulate offshore conditions and test materials.

• Failure Analysis: Investigating corrosion failures to develop effective prevention strategies.

• Predictive Modeling: Modeling cathodic protection for aging assets to manage end-of-life and optimize life extension project costs.

Leadership Team

Key Executives

• Timothy Britton: Chief Executive Officer.

• Matthew Taylor: Chief Technology Officer.

• Mark Webster: Chief Financial Officer.

• Jim Britton: Founder.

• Robin Cooper: Project Director.

• David Mark: Project Director.

Professional Backgrounds and Contributions

• Timothy Britton: Over 30 years of experience in corrosion engineering, leading DCSI's strategic direction and growth.

• Matthew Taylor: Expert in corrosion technology, overseeing the development of innovative protection systems.

• Mark Webster: Financial strategist managing the company's financial operations and growth initiatives.

• Jim Britton: Founder with a vision to advance corrosion control technologies, establishing DCSI as an industry leader.

• Robin Cooper: Leads project management, ensuring successful execution of corrosion control projects.

• David Mark: Manages project development, focusing on innovative solutions for corrosion challenges.

Competitor Profile

Market Insights and Dynamics

The offshore corrosion control market is characterized by:

• Market Size: Estimated at over $10 billion globally.

• Growth Potential: Driven by increasing offshore exploration and production activities.

• Industry Trends: Emphasis on extending asset life and reducing maintenance costs.

Competitor Analysis

Key competitors include:

• MATCOR, Inc.: Specializes in cathodic protection and corrosion engineering services.

• Allied Corrosion Industries, Inc.: Provides corrosion control solutions for various industries.

• Tanknology: Offers tank testing and inspection services.

Strategic Collaborations and Partnerships

DCSI has formed strategic partnerships to enhance its market position, including:

• Acteon Group Ltd.: Acquisition in 2018 to broaden technical knowledge and expand capabilities.

• Unique Group: Partnership to supply equipment in the Middle East region.

Operational Insights

DCSI differentiates itself through:

• Innovative Technologies: Proprietary solutions like Polatrak® and I-Rod®.

• Global Presence: Offices in multiple countries, enabling worldwide service delivery.

• Expertise: Decades of experience in offshore corrosion control.

Strategic Opportunities and Future Directions

Strategic Roadmap