StatoilHydro Awards WellDynamics Norge $250 Million in Contracts for SmartWell Completions on Norwegian Continental Shelf
07 April 2008
StatoilHydro has awarded WellDynamics’ Norwegian subsidiary, WellDynamics Norge, nearly $250 million in contracts for the installation of WellDynamics’ SmartWell® intelligent completion technology on the Norwegian continental shelf. The initial award is for a period of three years, beginning in September 2008, with options that could extend work through 2017.
The contracts are primarily for the installation of WellDynamics’ Surface Controlled Reservoir Analysis and Management System (SCRAMS®) and Direct Hydraulics downhole control systems in StatoilHydro’s Snorre A, Snorre B, Veselfrikk and Visund fields.
“These contracts are important factors and contributors to improving the quality of well construction in StatoilHydro. They also contribute to standardizing completion solutions across the business units,” said Øystein Arvid Håland, senior vice president, sub-surface technology, TNE.
“StatoilHydro has played an instrumental role in the evolution and application of SmartWell technology,” said Derek Mathieson, president and CEO, WellDynamics. “This award marks another important milestone in our relationship, not only allowing us to provide StatoilHydro with our latest technology, but also giving us an opportunity to develop new solutions for StatoilHydro’s future challenges.”
“The StatoilHydro contracts validate WellDynamics’ vision of transforming reservoirs with SmartWell completions,” said Espen Sorbo, managing director of WellDynamics Norge. “We are confident that this technology can help StatoilHydro increase its recovery rates in its subsea and platform applications.”
Halliburton, a joint venture owner of WellDynamics, was awarded additional contracts by StatoilHydro for completion equipment and services. Together, the WellDynamics and Halliburton contracts are valued at nearly $900 million.
WellDynamics’ SmartWell intelligent completion technology includes solutions for flow control, zonal isolation, permanent monitoring and downhole control, as well as digital infrastructure and fiber optic systems.
