Siem WIS enters into contract with StatoilHydro
2008.06.13 -
Contracts
Siem WIS enters into contract with StatoilHydro
Siem WIS, a company 60% owned by Siem Offshore, is pleased to announce that a contract is entered into with StatoilHydro in respect of the prototype CircSub™ (Constant Circulation Device). StatoilHydro will contribute financially and operationally in the ongoing full scale test of the CircSub™ at the Weatherford Technology & Training Centre in Aberdeen.
The contract also includes a pilot offshore operation at one of StatoilHydro's North Sea installations.
Per Espen Edvardsen, CEO of Siem WIS comments: "Siem WIS is pleased to have entered into this co-operation with StatoilHydro, and consider this contract an important step for the further development of the CircSub™ concept, and for the acceptance by the drilling industry.
Due to rapid depletion of many reservoirs, drilling of new wells after production start is a challenge as the pore- and fracture pressure in the producing formation is reduced and creates a need to achieve a more constant well pressure during drilling and tripping operations.
The aim of Siem WIS is that the use of the CircSub™ shall reduce the frequency of undesirable events, such as gas influx, wellbore collapse, or lost circulation and make it possible to drill wells with smaller pressure windows. The CircSub™ unit shall enable constant circulation during drilling, enabling difficult reservoirs to be drilled and drilled safer and more cost efficient."
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