Aberdeen-based oil and gas technology company, Deep Casing Tools (DCT), has secured new investment of £1.6 million from Scottish Enterprise and its long-term backer, EV Private Equity.
DCT said the investment would help its build "on its global success of the last two years."
"In recent years, DCT has experienced significant growth having reported a 120% turnover increase in 2019 after it expanded its footprint in key international regions and secured major agreements, including a five-year contract with Saudi Aramco to supply its TurbocaserTM and TurborunnerTM tools. This growth was driven by investment from EV Private Equity in 2018," the company said.
"DCT’s growth is attributed particularly to its robust technology pipeline, and this funding will support DCT’s strategic R&D plans to develop and commercialize further innovations that will allow operators to develop assets safer and more efficiently. The investment will allow the firm to increase CAPEX investment and bring new technologies to the global market," the company said.
The funding will allow DCT to continue to trial and patent new technologies and help the firm further expand its global footprint and exporting capabilities on the UK Continental Shelf, Asia, the Middle East, and the US.
"DCT’s SelfLOK flotation device, designed to float liners to target depth more cost-effectively, has seen a surge of interest in the US market and a number of active conversations are happening to secure regional trials," the company said.
In early 2020, DCT announced that a UK patent had been granted for its MechLOK Drill Pipe Swivel (DPS), dubbed the industry’s first mechanical DPS.
"This builds on its success in 2019, when the firm’s Casing Cement Breaker (CCB), an industry first, was trialed by Equinor in the Huldra Field reducing the force required to pull a piece of casing by around 40%. At this time, DCT also entered into a unique partnership with the Oil & Gas Technology Centre (OGTC) to progress further trials of the CCB with future plans in place to create a full casing recovery system," the company reminded.
Jan Robertson, interim investment director at Scottish Enterprise said: “For decades, Scotland has excelled in energy sector innovation which has been recognised right across the globe. Deep Casing Tools is the epitome of that innovation and internationalization and as we embark on Scotland’s economic recovery, it is essential that we partner with and support businesses like Deep Casing Tools to help reduce costs, increase environmental efficiencies and win new business overseas. Ultimately, it is central to ensuring the sustainability of our energy industry for the future and we look forward to supporting Deep Casing Tools through its next phase of growth.”