14th August 2018
Downhole technology specialist, Well-SENSE, announced today that it has secured a seven figure equity investment from Saudi Aramco Energy Ventures (SAEV), alongside its current owners, FrontRow Energy Technology Group Limited 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 current North American focus. Building on a track record of successful jobs, Well-SENSE is now investing in people and infrastructure to support the commercialisation 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 have seen for myself the benefits of their hands on approach.”
Mike Hill of Saudi Aramco Energy Ventures said: “FLI has been recognised as having significant value potential for well intervention operations. We are very excited to be supporting Well-SENSE in this phase of FLI’s commercialisation.”
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 of companies includes ClearWELL Oilfield Solutions, Well-Centric Oilfield Services and Pragma Well Technology.