6 Jan 2020
In the News – David Stephenson speaks to Energy Voice about DCT’s continued growth and plans for 2020
We are proud to be celebrating more than a decade in business, and the end of 2019 marked the end of another incredible year of growth for Deep Casing Tools.
Our growth last year was partly driven by a series of strategic appointments made in the UK and internationally, as well as new partnerships formed to bolster our network of regional partners in key energy hubs across the world including Malaysia, Australia and Brazil.
Demand for our tools has been unprecedented, with 100 sold in the last two years alone. This saw us sign a major five-year contract with Saudi Aramco to supply our Turborunner and Turbocaser reaming tools, further strengthen our relationship with this major client.
We also formed a unique partnership with the Oil & Gas Technology Centre and Total. Our new casing recovery tool will be trialled early next year on wells in Total’s Alwyn and Franklin fields with the aim of making it fully commercial by the end of 2020.
Recognising that expenditure on oil and gas decommissioning across the globe is predicted to cost over $105 billion over the next decade, we made a strategic move into new late life technologies last year.
Closing wells permanently can be complex, risky and costly, but the technology solutions we offer greatly reduces the length of an operation and improving sustainability, and therefore makes decommissioning operations more predictable and reliable.
Looking ahead, we will continue to innovate, offering simple but smart solutions for the entire well lifecycle, from drilling to decommissioning; 2020 is shaping up to be another exciting year of growth in revenue, territories, people and patents.