Subsea technology has the potential to increase energy production and improve production rates. In deep and ultra deep water, tiebacks are a significant part of the subsea equation because of the costs associated with bringing additional fields online to increase overall production.
Investments in subsea technology over the past decade have paved the way for increased subsea development. At AP Class, we recognize the importance of funding subsea research, from subsea manifolds and templates, to communications technology and processing equipment. Our goal is to work with the offshore industry to verify the components that will allow safe and reliable subsea development.
As a classification society, our number one priority has been and remains to be about improving safety and business performance. This is in essence about managing risk, and with our technical competence and purpose to safeguard life, property, and the environment. Moving into other industries such as oil and gas and energy was a natural step. We have provided assistance across the energy industry with company's formal programs to capture knowledge and expertise before subject matter experts retire. We have also developed many processes to embrace new ways of working and created new strategies and initiatives for training and development. Our internal Knowledge Portal helps us capture and share verified knowledge and includes key documents, showcases projects, and also lists key experts so that knowledge is transferred easily around the business worldwide and across our various sectors. Increasing diversity in the industry with regards to age, gender, mother tongue, culture, and nationality also drives a need for increasing formalization in capturing and transferring knowledge. It is important that this happens continuously in a knowledge-based organization. In addition, it helps to manage transitions when dedicated specialists and professionals retire.