Deep Casing Tools has signed a frame agreement with Statoil Petroleum covering the supply of drillable casing and reaming technology for the energy firm’s activities on the Norwegian Continental Shelf (NCS).
The two-year contract, with extension options, requires Deep Casing Tools to supply drillable casing and liner reamer technology, including the high-speed drillable reaming system Turbocaser Express, which Statoil has already istalled.
Deep Casing Tools CEO Lance Davis said: "This very significant multi-year agreement cements the foundation of our Norwegian and North Sea business as we continue to build our track record.
"The opportunity in Norway, as in other arenas, is to provide solutions to some key industry drivers: risk reduction when running tubulars to total depth, reducing flat time and trouble zone costs, and improving well bore conditions for cement placement and integrity."
Earlier this year, Statoil opened its first platform on the NCS since 2005. The Gudrun platform is the first in a series of new field developments operated by the company.
The Gudrun platform, which holds an estimated 184 million barrels of oil equivalent, is currently producing 30,000 barrels per day.
Statoil plans to invest about $20bn annually by 2016, which includes NCS project Gudrun, while Valemon will come on-stream by the end of this year.
Statoil, which operates in 36 countries, plans to have explored 50 wells worldwide by the end of this year.
Image: Deep Casing Tools will supply drillable casing and liner reamer technology to Statoil. Photo: courtesy of Deep Casing Tools.