Deep Casing Tools achieved 120% turnover growth in 2019
Plans to focus on decommissioning and bring new technologies to market are expected to boost 2020 growth
Leading oil and gas technology development company, Deep Casing Tools (DCT), increased turnover by 120% in 2019 after strategic growth plans saw the company expand its headcount and footprint in key international regions.
In-line with global demand from oil and gas operators for innovative casing and completion technology, DCT increased its headcount by a fifth in 2019. It made a series of strategic appointments to manage this demand, including a Global Sales Manager, European Sales Manager, Sales Manager for the Middle East, and a Product Line Manager for Casing Recovery Systems, which forms part of the company’s focus on the plug and abandonment (P&A) sector
The growth has been driven by a surge in demand for DCT’s technology over the past 24 months, which saw it secure several major contracts with the world’s leading operators. This includes signing a new five-year contract at the end of 2019 with Saudi Aramco to supply its TurbocaserTM and TurborunnerTM tools, a high-speed reaming system that enables drilling teams to land casings and intermediate liners at target depth.
DCT entered 2020 on a high, announcing it had signed an agreement with a national oil company with an initial annual value of up to $13 million for exploratory wells, which follows a successful tool trial with the operator in an exploration extended reach well.
The growing demand for its technology has seen DCT form an on-the-ground presence in key regions including Malaysia, Africa, Australia and Brazil through a series of strategic partnerships.
Further growth is expected throughout 2020 and beyond as the company focuses on the decommissioning market and the release of new technologies to meet the efficiency challenges operators face today.
David Stephenson, CEO at DCT, said: “2019 marked a stellar year for Deep Casing Tools as we scaled our business globally. Not only are we seeing the resurgence of domestic oil and gas markets, we are experiencing increased demand for our precision-engineered technology from international operators as drilling activity recovers.
“Significantly, last year we added new late life technologies to our portfolio and extended our expertise into plugging and abandonment. This burgening market will see our simple and innovative technologies transform operations in 2020 and beyond, making them more predictable and reliable, thus substantially reducing the length of an operation and improving sustainability.
“Forming a key part of our growth strategy this year, we plan to develop and release new technologies to deliver operational efficiency and drive down costs for operators. We will continue to make on-the-ground partnerships in key international regions, allowing us to offer an increased level of customer service. 2020 is shaping up to be another exciting year of growth in revenue, territories, people and patents.”