Aberdeen-based Deep Casing Tools, which develops an innovative range of tools designed to land casing and completions at target depth within an oil or gas well has received £2.1 million funding from the Scottish Loan Fund (SLF).
Deep Casing Tools’ unique drill through technology provides significant time and cost savings when compared to conventional methods. Landing casing and completions at target depth first time, avoiding wiper trips and wellbore damage, is a game changer for improved well construction.
The market outlook for the oil and gas services industry is extremely positive with a shift in focus to both unconventional assets (i.e. onshore shale), more challenging assets in increasingly deeper water and harsher working environments.
The funding from SLF will provide working capital headroom for the business to exploit this market opportunity and support the development of Deep Casing Tools’ operations in the USA and Middle East.
Kieran Good of Maven Capital Partners which manages SLF, said: “We were particularly interested in Deep Casing Tools, looking at the growth over the first two years and the positive interest from technology giants like Aramco and Statoil for their well construction process improvements. The funding will enable development into the Americas and we look forward to further uptake.”
Lance Davis, CEO of Deep Casing Tools, said: “This funding announcement is very important, not only to provide the working capital to invest in inventory and people, it also marks the confirmation of the company moving from early stage to commercial growth.”