Red Spider Wins First Contracts in South East Asia
Red Spider, the Remote Open Close Technology (ROCT) specialist delivering multi-million pound savings and reduced risk to the oil and gas industry, has secured its first projects in the South East Asia region. The work follows the appointment of a regional manager in Kuala Lumpur.
UK-based Red Spider has supplied its eRED technology and field supervision to ongoing projects in Malaysia and Brunei, and secured a contract with Vietnamese company Thang Long Joint Operating Company (Thang Long JOC).
eRED is Red Spider’s first tool to use its patented ROCT. It is a downhole computer-controlled valve that can be opened and closed multiple times by remote control without the need for any intervention. To date, the tool has successfully completed more than130 operations with more than 20 operators. The technology is on its way to becoming the industry standard solution for various downhole applications.
Red Spider’s contract with Thang Long JOC will involve Red Spider supplying two of its ground-breaking eRED tools and workforce to supervise the project. The eREDs will be deployed pre-installed within a nipple profile for testing tubing, setting production packer, flowing the well and barrier isolation.
In addition to its work in Vietnam, Red Spider has recently completed its first project for Malaysian company PETRONAS Carigali Sdn Bhd. The work involved PETRONAS Carigali using eRED technology for the first time to remove wireline runs from completion operations and reduce wireline interventions in high corrosion-resistant alloy (CRA) completion in a highly deviated well, saving installation time and reducing risk from operations associated with wireline.
The new business follows the company’s appointment of Bruce McLeod as regional manager in Asia Pacific, based permanently in Kuala Lumpur.
McLeod said: “We are delighted with the progress and market breakthrough we are achieving within South East Asia, and very pleased to have completed successful initial runs with PETRONAS Carigali, which we hope will be the first of many using the eRED technology.
“In addition to these operations, it is testament to the quality and unique features of our products that Red Spider has secured the contract with new client Thang Long JOC. We have strong ambitions to increase our presence significantly in Asia Pacific over the next year in order to provide the highest level of on-hand client support.”
The eRED valve has allowed major operators to save more than £300,000 ($500,000) during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In deepwater workover operations, savings of up to 36 hours and nearly £500,000 ($750,000) have also been recorded in a single job, as well as major reductions in risk.
Press Release, December 12, 2012