Red Spider Strengthens Norwegian Division
Red Spider AS, the remote open close technology specialist delivering multi-million dollar savings to the international oil & gas industry, has expanded its Norwegian division with a further addition to the sales team.
Newly appointed sales and well services engineer Per Arnfinn Monge has more than 20 years experience working in the oil and gas industry. His most recent position was with Wellbore as senior project engineer and he has worked previously with Halliburton and Petroleum Engineering Services.
He joins Oddvar Dalane, Red Spider’s sales manager, and the rest of the team in Norway supporting existing customers and developing new business opportunities.
Red Spider Chief Executive Steve Nicol said: “Per Arnfinn is a welcome addition to the team in Norway and I am sure his great experience will help Red Spider as we continue to expand our business in the North Sea, which is a core area for us.
“This is an exciting time for Red Spider with our product eRED increasingly relied upon as a standard solution for a range of downhole applications, delivering multi-million dollar savings as a result. We are in the process of rolling out additional products that can deliver savings of more than $2million in routine subsea scenarios, potentially more in complex operations.’’
Red Spider’s product eRED is a downhole computer controlled valve that can be opened and closed by remote control, without the need for intervention or control lines, saving time, money and removing risk.
The eRED has allowed North Sea operators to save up to $900,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In subsea workover operations, savings of up to 41 hours and $800,000 have also been recorded in a single job.
It quickly became apparent from the eRED’s continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to over £2million of investment and 2 ½ years of extensive research and development work which has resulted in two exciting new products, eRED-FB (Completion placement valve) and PowerBall (Formation Isolation Valve), both of which can deliver reliability, major time and cost savings in subsea operations, while enhancing safety.
“We are confident these new additions to our product line will be widely welcomed for subsea operations thanks to the savings and reduced risk they achieve. They are particularly suited for deepwater and subsea operations where rig time savings are most valuable,'' said Mr Nicol.
Red Spider forecasts a 400% increase in work for eRED and the range of products by 2012, ensuring steady growth in revenue to $30million in 2013. Red Spider has a team of over 60 people at present at its Scottish HQ and worldwide and expects to take on additional personnel to meet demand for its products.
