Aberdeen-headquartered oil and gas technology development company Deep Casing Tools (DCT) has secured new investment of around US$2.19mn from Scottish Enterprise and its long-term backer, EV Private Equity
The investment aims to allow the firm to increase CAPEX investment and bring new technologies to the global market.
In early 2020, DCT announced that a UK patent had been granted for its MechLOK Drill Pipe Swivel (DPS), the industry’s first mechanical DPS.
This builds on its success in 2019, when the firm’s Casing Cement Breaker (CCB), an industry first, was trailed by Equinor in the Huldra Field reducing the force required to pull a piece of casing by around 40%. At this time, DCT also entered into a unique partnership with the Oil & Gas Technology Centre (OGTC) to progress further trials of the CCB with future plans in place to create a full casing recovery system.
The funding will allow DCT to continue to trial and patent new technologies and help the firm further expand its global footprint and exporting capabilities on the UK Continental Shelf, Asia, the Middle East and the USA. DCT’s SelfLOK flotation device, designed to float liners to target depth more cost-effectively, has seen a surge of interest in the US market and a number of active conversations are happening to secure regional trials.
Jan Robertson, interim investment director at Scottish Enterprise, said, “Deep Casing Tools is the epitome of that innovation and internationalisation and as we embark on Scotland’s economic recovery, it is essential that we partner with and support businesses like Deep Casing Tools to help reduce costs, increase environmental efficiencies and win new business overseas. Ultimately, it is central to ensuring the sustainability of our energy industry for the future and we look forward to supporting Deep Casing Tools through its next phase of growth.”
Commenting on the investment, David Stephenson, CEO at DCT, said, “It is highly encouraging to secure the backing of Scottish Enterprise, and continued support from EV Private Equity, who share our vision for DCT’s future global growth and continued innovation.”
“As the global energy industry focuses on achieving ambitious net zero targets, innovative downhole technologies that can unlock greater efficiencies and value, and ultimately help to reduce emissions, have never been more important. This backing allows Deep Casing Tools to continue to support the energy transition through smart, innovative technology based on simple mechanical principles.
“This funding strengthens our position as a leading technology innovator for the international energy market, and ensures that we are well-positioned to recover from the crisis and continue to grow our operations for many years to come.”
