Well construction and intervention solutions company Reelwell has secured a strategic equity investment by drilling and well services provider Odfjell Technology, which will buy 10% stake for $3.8 million.
The investment from Odfjell Technology will be used to grow and develop Reelwell’s DualLink digital pipe technology.
The cooperation agreement in place between Reelwell and Odfjell Technology has also been extended to five years, with options for five additional one-year extensions.
The goal of this partnership is to deliver synergies between Reelwell’s DualLink digital platform and modems with Odfjell Technology’s extensive offshore expertise in equipment deployment, maintenance, and logistics.
Earlier this year, a multi-year contract with Vår Energi for the provision of Reelwell’s DualLink powered digital drill pipe technology was announced.
This was the first collaboration under the cooperation agreement between the two companies.
Manufacturing and assembly are already underway at Reelwell’s facilities in Sola, with the project set to get underway later in 2025.
Reelwell will be responsible for the overall delivery of the contract, including the delivery of its DualLink technology. Odfjell Technology will provide all the necessary drill pipe components and accessories for the project and oversee the many maintenance requirements.
"We welcome Odfjell Technology to our investor group as a strong industrial partner, and I am pleased to welcome Elisabeth Haram as a new Non-Executive Director on our board. Reelwell and Odfjell Technology will work closely together to deliver DualLink services to our clients. This is great news for the industry,” said Jørgen Peter Rasmussen, Executive Chairman of Reelwell.
“We look forward to working closely with Reelwell to enhance sustainable drilling practices and expand the use of DualLink across new markets,” added Elisabeth Haram, EVP Well Services at Odfjell Technology.
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