Downhole technology specialist, Well-SENSE, announced today that it has secured an equity investment from Saudi Aramco Energy Ventures (“SAEV”), alongside its current owners, FrontRow Energy Technology Group Limited (“FrontRow”) and management.
The support of SAEV as a strategic investor will help Well-SENSE accelerate the expansion of the business around the world, in particular adding the Middle East to the company’s North American focus. Building on a track record of successful jobs, Well-SENSE is now investing in people and infrastructure to support the commercialization of its FiberLine Intervention (“FLI”) technology.
The award-winning FLI has already received international recognition as an innovation that provides an entirely new approach to well intervention. FLI uses disposable tools and bare fiber optic line to capture and transmit high definition, real-time data, which represents a fast, low-cost, low-risk alternative to wireline logging.
Launched to market within the past year, FLI continues to enhance its capabilities, recently introducing Active FLI – adding single-point production logging measurements to distributed sensing along the fiber.
Commenting on the investment, FrontRow CEO, Stuart Ferguson said: “We are delighted to have a proven strategic and technology investor in SAEV working alongside us in Well-SENSE. I have worked with SAEV on other projects and seen for myself the benefits of their hands-on approach.”
Mike Hill of Saudi Aramco Energy Ventures said “FLI has been recognized as having significant value potential for well intervention operations. We are very excited to be supporting Well-SENSE in this phase of FLI’s commercialization,.”
Appointed in 2017, Well-SENSE CEO, Craig Feherty concludes: “Recent expansion within the North American market is just one example of the growing demand for FLI. Investment from SAEV marks the start of a major new phase for us, as we look to deploy our evolving range of intervention tools within new markets. This investment enables us to increase our capability to service new markets with a broader range of solutions and applications”
In addition to Well-SENSE, the FrontRow group includes ClearWELL Oilfield Solutions, Well-Centric Oilfield Services, and the recently launched Pragma Well Technology.
Well-SENSE is a downhole solutions provider for the oil and gas market. Based in Aberdeen and the US, the company is focused on providing advanced well intervention solutions using its FiberLine Intervention technology.
FrontRow is led by a senior management team with unrivalled oil and gas expertise. It comprises a group of complementary businesses, focused on meeting industry challenges through innovative technology and cost-reduction for operators.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to Aramco.
For more information about SAEV, please visit www.saev.com.
Issued on behalf of Well-SENSE by think. For more information, contact Fiona McLachlan on +44 1224 623960 or email firstname.lastname@example.org