Company
13 Dec 2023
As 2023 comes to an end, Deep Casing Tools reflects on the year marked by unprecedented achievements, remarkable growth, and cutting-edge innovation. Our commitment to pushing the boundaries of innovation across the well life cycle continues to position us as leaders within the industry. Here are the key highlights that defined Deep Casing Tools in 2023:
Surpassing £50 Million in Revenue
We are thrilled to share that Deep Casing Tools has not only achieved but exceeded the significant milestone of £50 million in revenue. This outstanding accomplishment is a testament to our dedicated team and the ongoing support from our valued clients and partners. In addition to surpassing this milestone, we are proud to also report an impressive annual revenue of £15 million, marking an increase of £7.5 million compared to 2022. The strategic move to a larger, fit-for-purpose facility in 2022 has widely contributed to this success. Internal machinery within the Westhill workshop has improved capabilities including turning and milling and the ability to torque in-house thanks to the introduction of a torque machine in March this year. This has allowed the company to better meet customer’s needs, improving efficiencies, and reducing lead time.
Deloitte Fast 50 Recognition
In November Deep Casing Tools proudly secured the 36th position in the prestigious Deloitte UK Technology Fast 50, a ranking of 50 fastest-growing technology companies in the UK. Rankings were based on percentage revenue growth over the last four years. Deep Casing Tools grew 850% during this period. This acknowledgment is a testament to Deep Casing Tool dedication to excellence, innovation, and commitment to the continued development and advancements of technologies across the well life cycle that continue to benefit ongoing global operations. Such an achievement highlights the increased demand for our products and services which has enabled our sustained growth throughout the year.
Middle East Expansion and Team Strengthening
In 2023, Deep Casing Tools global footprint continued to expand with significant growth in the Middle East. Welcoming new members to the Deep Casing Tools team, Waleed Al Reda, Faysal Zaydan, and Kevin Langan, the Middle East team grew by an impressive 50%. This has significantly strengthened Deep Casing Tools’ capabilities within the region, enabling us to cater to the diverse needs of our customers more effectively across the area.
Continued Development of Innovations
In the ever-evolving landscape of the oil and gas industry, the development of innovative technologies is vital for progress and efficiency. Deep Casing Tools continue to strive to develop cutting-edge technologies across the well life cycle that aim to address industry challenges head-on. Read on to find out what advancements have been made to the MechLOK Drill Pipe Swivel, the TurboCaser and the Rubblizer in 2023.
The MechLOK Drill Pipe Swivel
In 2023, the MechLOK Drill Pipe Swivel underwent significant advancements, marked by the introduction of the MechLOK-T and MechLOK-R variations. This expanded the tool’s capabilities and versatility, positioning it as a cutting-edge solution in the industry. The MechLOK suite, inclusive of the MechLOK, MechLOK-T and MechLOK-R, represents a comprehensive range of swivelling technologies, each offering distinct locking methods. This diverse suite enables the tools to effectively cater to many well operation scenarios. The locking mechanism of MechLOK and its variations prevents swivelling through straightforward, mechanical manipulation of the drill-string. Once locked, varying functionalities of the tools facilitate rotation to the left or right, in tension, compression or both.
This year the MechLOK Drill Pipe Swivel completed its 30th global run. The tool continues to redefine the reliability and performance of global operations.
Moreover, following 6 successful trial runs across 2 tri-lateral wells in the Norwegian North Sea, the MechLOK Drill Pipe Swivel was awarded the highest Technology Readiness Level Status (TRL7) by Norwegian National Operator. Now fully approved, the tool can be utilised on any global asset owned by the Norwegian National operator.
The TurboCaser Gen 2
In April, Deep Casing Tools launched the TurboCaser Generation 2 tool. This cutting-edge technology represents the next evolution in our commitment to providing efficient and reliable solutions to the oil and gas industry. Minor variations to the original TurboCaser tool have enhanced the tools performance adding value to our customers and their ongoing global projects.
Rubblizer
This year the Rubblizer 9-5/8” tool achieved its longest interval to date at 1,017ft. In May this year the Rubblizer was deployed by our operating partner, Tasman Oil Tools – a leader in Downhole Drilling Rental Tools in Australia and New Zealand, where it assisted in the recovery of a 9-5/8” top section casing. It was used to make two passes from 508 BRT back up to 39 ft BRT, with a third pass operating the tool across the remaining 12 Casing Connections.
For more information about this operation, click here to view the case study.
In December the Rubblizer had its first UK load out for a major UK operator. Demand for the Deep Casing Tools Rubblizer tool continues to rise globally. Destined for the North Sea, the two 9-5/8” Rubblizer tools will be deployed to perform a plug and abandonment operation within an aging well originally drilled in the 1970’s. Keep up to date with details of this operation, follow Deep Casing Tools on LinkedIn.
Looking Ahead to 2024
Driven by a dynamic team, simple, sustainable innovations, and a strong commitment to excellence, Deep Casing Tools carry a positive outlook for 2024. Capitalising on the momentum gained from significant achievements in 2023, we are strategically positioned to leverage these milestones for continued growth and heightened industry recognition in the coming year.
If you would like to know more about our tools and services, contact Eoin Wood today on eoin@deepcasingtools.com or +44 (0) 7816 885809, discover what our technologies can do for you and your operations now and in the future.