Neodrill announces North Sea frame agreement with Lundin Energy Norway

Multi-year contract signals the expansion of Lundin’s use of CAN-ductor technology.

• Following the successful deployment of Neodrill’s CAN-basic on Lundin’s Zulu and Lindarormen wells in the North Sea, and a CAN-ductor on their Bask well in the Barents Sea, Lundin has entered into a frame agreement for the use of the CAN-ductor technology on their Norwegian fields.

• The agreement covering CAN-ductors for exploration and production wells in the demonstrates Lundin’s long-term commitment to Neodrill’s industry leading technology.

• The installation of a CAN-ductor can reduce environmental impact by 44% and save 2-4 rig days - aligning with Lundin’s ambitions to reduce CO2 emissions and streamline start-up operations.

Stavanger, 3rd May 2021 – Neodrill has signed a frame agreement with major oil and gas operator Lundin Energy for the deployment of industry-leading CAN-ductor technology. The growth of the Neodrill-Lundin relationship, which has developed over the past 7 years, highlights the drive of forward-thinking operators to utilise innovative technologies to modernise and streamline operations around environmentally conscious processes.

The initial four-year agreement with two further two-year extensions, covers unlimited units over a potential 8-year timeframe. This will see Neodrill’s CAN-ductor technology installed on future Lundin exploration and production wells. This is an opportunity for Lundin to scale up the success of previous CAN technologies used, aiming to repeat the savings in cost and time and reduce CO2 emissions as demonstrated on the Zulu, Lindormen and Bask wells.

Neodrill’s CAN-ductor technology, assembled onshore and easily installed using a vessel, has successfully demonstrated cost efficiency and minimised environmental impact. This innovative suction anchor with one joint of conductor integrated, delivers top-hole support for exploration and production wells.

Neodrill have installed a total of 28 CANs since 2006 and this frame agreement gives a clear indication that the industry is at a turning point, away from conventional well start-up methods, towards new technologies which meet the modern demands on value creation and sustainability.

Neodrill CEO, Jostein Aleksanderson expressed pride in the continued development of Neodrill’s successful relationship with Lundin - citing the news as an indication of the momentum of change in the oil and gas sector.

“We believe this is just the beginning – oil and gas operators must adapt to use best environmental practise at all stages. Our estimates suggest that if CAN technology was used for approximately 50 exploration wells, those drilled in the North Sea each year, then 25,000 metric tonnes of CO2 emissions could be saved.

“We are proud to be offering this technology to the market and are delighted that Lundin are considering the CAN-ductor for further projects. We look forward to embarking on our first installations under the new agreement.”

ABOUT NEODRILL

Founded in 2000, Neodrill has developed a smarter structural well foundation, an innovative new way to facilitate the installation of conductors in pre-rig stage using light vessels. Using its patented CAN® (Conductor Anchor Node) technology, Neodrill works with oil and gas companies across the world on fields of varying operational conditions. By protecting the wellhead, the technology delivers a range of commercial, operational, and environmental benefits for exploration and production wells. Based in Stavanger, Norway, the company offers CAN-based solutions, with further opportunities to ‘build’ upon the technology. It is owned by Petropartner, Equinor, and its employees. For more information, please visit www.neodrill.com.

For media enquiries please contact:

Georgia Cotterill, phone +47 4587 4437, or on email georgia@project-neon.com