A half-year news review from our CEO Jostein Aleksandersen

As we’ve now passed the halfway point of 2021, I wanted to share a roundup of all our news from the year so far. As we approach Q3, it has been a busy and productive year to date with new contracts, manufacturing projects, positive LCA reports, CAN recoveries, development of new technologies, partnerships, and new additions to the team.

Contracts

Back in Q1 we announced a frame agreement with Lundin Energy for the utilisation of CAN technologies on their wells. This exciting news signals a continued recognition of the significant benefits of CAN technologies to reduce rig time, cost and CO2 emissions associated with rig led top-hole operations. We look forward to delivering the latest CAN-ductors under this agreement later in the year.

CO2 reduction

More recently we announced an update on the environmental results of our existing CAN technologies utilised by Lundin on their Bask subsea exploration well in the Barents Sea. The latest Environmental LCA Reports, conducted by Asplan Viak AS, confirmed a 45% (420 tonnes) reduction in CO2 emissions from CAN-ductor use compared to a conventional conductor installed by a rig on the neighbouring Polmark well. Further LCA reports demonstrating the potential to reduce environmental impacts are available via our website.

In support of our goal to promote decarbonisation in the industry, we were also proud to launch our ‘do what you CAN’ campaign which featured on DN.NO earlier in the year.

Manufacturing

This deal activity and delivery of CO2 emission cutting CAN-ductors to our clients means that product manufacturing has been central to our operations this year. We have so far been manufacturing 3 new CANs at our manufacturing site in Norway - Randaberg industries. These are expected to enter service later this summer for a new contract that we look forward to announcing soon.

CAN-complete - recovery

Further hands-on work included the deployment of our CAN-complete service, together with Ross Offshore, to achieve a key recovery operation. The recovery of the CAN-ductor on the Bask Well in the Barents Sea saw the end of Lundin’s drilling operations on the well which was a successful CAN-ductor deployment and significant measurable reductions in CO2 emissions.

Partnerships

In recognition of the value of our cooperation with Ross Offshore, we also recently announced a continuation of our partnership to secure the incorporation of their marine and charter services into the CAN-complete package for the long term. The cooperation will reduce costs for clients through streamlined operations from CAN orders to top-hole establishment.

Similarly, we have committed to a continued collaboration with Baker Hughes on the integration of CAN technologies with Baker Hughes’ Terminator Tool for P&A operations. Integrating this tool within the CAN top-hole solutions can significantly reduce emissions and cut rig time by up to 12 hours.

New team members

Closer to home we’ve also been growing, with the addition of our new Senior Engineer, Anders Selvåg, to the team. Anders holds an MSc in Underwater Technology from the Norwegian University of Science and Technology and has more than 7 years of experience in marine operations within the oil and gas sector. Here at Neodrill he will play a key role in our research and development programme and will support business development activity.

Research and Development

This research and development programme has particularly focused on the development of the Wellhead Saver System (WSS) for application on P&A operations. At Neodrill we have a strong history of invention and innovation dating back to the early development of CAN technologies more than 20 years ago. This year has seen that innovative spirit applied to the extension of WSS capabilities to meet the growing P&A focus in the UK sector. Alongside this, we continue to explore further solutions to improve well longevity, costs, safety, and environmental footprint.

Looking ahead to the rest of the year

With this continued development of all aspects of our business, the first half of the year has been a busy, successful, and inspiring period. As the year goes on, we will continue to innovate, build relationships, and provide industry leading top-hole solutions to clients who seek to revolutionise their operations. I look forward to seeing what the rest of the year brings as our projects come to life.

Interested in learning more about Neodrill’s products, services, and activities? Get in touch for more information.