ST. JOHN'S, NL, July 16, 2012 /CNW/ - Funding announced today by the Research & Development Corporation (RDC) is supporting the development of an innovative 3-D simulation software product that will enhance offshore oil and gas installation design and operations.
Mount Pearl-based GRI Simulations Inc. is receiving $250,000 from RDC's Proof of Concept program to assist with simulating oil field design as well as underwater oil spill and pipeline repair response in a variety of offshore conditions around the globe.
"The technical expertise of companies such as GRI Simulations highlight Newfoundland and Labrador's leadership in advancing the ocean technology sector," said the Honourable Keith Hutchings, Minister Responsible for RDC. "Within a global market, the company is clearly demonstrating that this province has the skills and technological ability to meet current industry demands."
Newfoundland and Labrador's ocean technology sector is an important contributor to the provincial economy, with more than 50 local technology companies, research facilities and support organizations.
"Once again, I am pleased to see our government investing in local business," said Steve Kent, MHA for Mount Pearl North. "Research and development in ocean science technology, and more specifically, the oil and gas industry, is vital to ensuring the safety of our workers and the endurance of this industry. I commend our government for continuing to recognize the importance in investing in this industry, and I sincerely congratulate GRI Simulations."
Established in 1986, GRI Simulations has focused on supporting sub-sea remotely operated vehicle (ROV) operations by providing simulation technology to enhance ROV pilot training, mission planning and rehearsal for offshore oil construction and production.
"RDC's investment will support GRI as they create and test an interactive 3-D underwater field development software kit which will enable oil and gas companies to picture and map oil field designs and operations in a number of conditions," said Glenn Janes, CEO, RDC. "Supporting local businesses in the development of new technology that can be exported around the world is critical to business growth in the province."
RDC's investment is $250,000 of a total project cost of $389,500. This funding is provided through the R&D Proof of Concept program, which aims to help companies reduce the technical and financial risk of pre-commercial research and development (R&D) projects for small- and medium-sized enterprises.
"The completion of this software kit will address a specific oil and gas industry need as they seek ways to improve efficiency in the design, fabrication and installation of fields and field components in a range of harsh environments, particularly in preparation for well capping and pipeline repair contingencies," said Stephen Dodd, Vice-President, Operations and Business Development for GRI Simulations. "We look forward to expanding our existing products and services that are designed for the unique requirements of our customers in the oil and gas industry."
About the Research & Development Corporation
RDC is a provincial Crown corporation responsible for improving Newfoundland and Labrador's R&D performance. RDC works with R&D stakeholders including business, academia and government agencies and departments. In Budget 2012: People and Prosperity RDC was allocated $19 million to make strategic research and development related investments in people, strategic opportunities and infrastructure.
For further information:
Manager, Marketing & Communications
Research & Development Corporation
Government Members Office
Director of Communications
Department of Innovation, Business and Rural Development
Vice President, Operations and Business Development
GRI Simulations Inc.