MHWirth has taken a 20% stake in Norwegian technology firm Electrical Subsea & Drilling in exchange for technology it has developed in well barrier technology for blow out preventers.
Electrical Subsea & Drilling (ESD) is working on the development and qualification of two drilling technologies; all electric control of blow out preventers (BOP) and a durable rotating control device (RCD) for managed pressure drilling (MPD).
MHWirth has over the last years developed new well barrier technology for BOP, which has now been transferred to ESD in exchange for 20% of the shares in ESD.
"MHWirth's market apparatus and technical solutions combined with our control system and actuator technology represent a quantum leap for realizing our business ideas", says CEO John Dale in ESD. "Today's BOP technology is based on hydraulics, with disadvantages such as huge weight, high complexity with many sources of error, as well as challenges with regards to the external environment during operation and testing."
"Electro-mechanical operation of well-barrier functions and connectors for BOP is a revolutionary concept in the drilling industry and fits with today's focus on safety and reliability, digitalization, providing continuous Condition Based Monitoring and preventive maintenance", says Finn Amund Norbye, CEO in MHWirth.
ESD won the subsea upcoming company of the year at this year's Underwater Technology Conference in Bergen. Read more here.
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