Omega Completion Technology Bags Statoil Contract
- Business & Finance
Independent well completion and intervention technology developer and manufacturer Omega Completion Technology has secured a completions framework contract with Statoil ASA.
The contract awards Omega the right to supply its unique ReACT Technology (Remotely Activated Completion Technology) to all Statoil assets in the Norwegian continental shelf, totalling 35. Omega delivered the first ReACT completion solution to Statoil 10 years ago and has provided completion equipment for more than 30 Statoil wells.
The initial contract period is for approximately two years with an option for an additional period of six years thereafter.
The ReACT signalling method provides a means to remotely activate downhole completion equipment without the need for costly and complex intervention operations. The technology is a reliable, industry recognised solution providing both a primary and back-up remote actuation functionality and mechanical contingency option.
Omega has so far carried out more than 100 completions deploying ReACT equipment, securing a 100% remote actuation success.
Fredrik Harestad, general manager for Omega Completion Technology AS commented: “This is a great milestone for Omega in Norway and very well timed, as confirmation was received on the first anniversary of the business operations in Norway.
“The contract award is a result of dedication, teamwork, our unique technology offering and successful operations over many years. It shows that Statoil has acknowledged Omega as a leading supplier of unique completion equipment.”
Omega is a leading technology innovator in the intervention and completions market with over 25 patents. Its product range is designed and manufactured in-house and the company invested over £2 million in its custom built facility and CNC machining centre.
Press Release, August 20, 2014