Red Spider Appoints West Africa Agent to Support Work in the Region

Posted by thinkPR on Wednesday, February 22, 2012

Location
United Kingdom

Full Details

Red Spider, the Remote Open Close Technology specialist delivering multi-million pound savings and reduced risk to the oil & gas industry, has appointed an agent in West Africa to support its expansion in the region.

The UK-headquartered company has completed an agreement with Nigerian agent AOS Orwell. The company will promote Red Spider’s suite of Remote Open Close Technology (ROCT) and provide a permanent presence for customers in the region from operational facilities in Port Harcourt and a sales office in Lagos.

Products in the Remote Open Close Technology range include Red Spider’s product eRED and the two new products - the eRED-FB (a completion placement valve) and PowerBall®.

Red Spider Chief Executive Steve Nicol said: “There has been a great deal of interest in our technology in West Africa because of the particular benefits it delivers for deepwater operations. Having an agent in place gives us the capability to make an impact and achieve successful results with a rapid turnaround. We are a small company but have proved our technology delivers for many operators. Now we have the logistics in place to sustain operations in a key target location for us.’’

Barry Killoh, Red Spider’s sales manager for Africa, said: “Red Spider is delighted to sign an agreement with AOS Orwell. We see a huge untapped market for ROCT technology in West Africa and partnering with a prominent and successful indigenous company like AOS Orwell allows us to work together to replicate our success in other regions in Nigeria as well as the wider region.’’
AOS Orwell Chief Executive Femi Omotayo said: “We are delighted to provide Red Spider the platform to explore opportunities within the Nigerian oil market. Red Spider’s technology strongly complements AOS Orwell’s existing large array of well construction and automation services. Our penetration into the completions market is further boosted by Red Spider cutting edge capabilities which now become available to West Africa through us.”

eRED, Red Spider’s first tool to use its patented Remote Open Close Technology for remotely operating downhole valves, has been used by more than 20 operators in the UK, Norway and Australia, resulting in significant risk reduction and maximising production time by removing wireline runs from operations. The technology is on its way to becoming the industry standard solution for various downhole applications.

The eRED has allowed major operators to routinely reduce wireline runs during a single subsea operation from eight to one, typically saving more than 24 hours rig time or £320,000. In deepwater workover operations, savings of up to 36 hours and over £480,000 have been recorded in a single job, as well as major reductions in risk.

It quickly became apparent from the eRED’s continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to more than £1.9million of investment and over two years of extensive research and development work, which has resulted in PowerBall® and the eRED-FB.

The eRED-FB will deliver savings of between 32 to 38 hours (£412,000 to £508,000) by eliminating the requirement for any wireline runs during a completion placement operation. Eliminating the requirement to deploy traditional wireline equipment speeds up the completion process, bringing wells on stream sooner and reducing the risk of exposure to bad weather, whilst removing the need to rig-up and rig-down wireline and PCE equipment reduces the risk to personnel, equipment and the operation.

PowerBall® is a pioneering reservoir isolation barrier that prevents fluid loss during the upper completion phase of well construction. Remote opening of PowerBall happens with no pressure cycles, but on detecting a specific trigger much as with the eRED, thus resulting in a much more flexible, safe and quick operation, with potential savings of up to 12 hours and over £155,000.

ENDS.


Note to Editors
Issued on behalf of Red Spider by thinkPR. For further information, please contact Eve Ferguson at thinkPR on 01224 623960, email eve@thinkpr.co.uk
Visit www.redspiders.com for further information.


Kind regards,

Eve Ferguson
Senior Account Executive
ThinkPR(Scotland) Ltd
13 Rubislaw Terrace
Aberdeen
Scotland
AB10 1XE

T: +44(0)1224 623960
M: +44(0)7788 107081
DD: +44(0)1224 623969
E: eve@thinkpr.co.uk
W: www.thinkpr.co.uk

Category
Company News Release