Deep Casing Tools has announced the signing of a frame agreement with Statoil Petroleum AS.
The company says that the contract covers the supply of Deep Casing Tools’ revolutionary drillable casing and liner reamer technology, including its high-speed, drillable reaming system, the Turbocaser™ Express, already deployed by Statoil. The agreement applies to the Norwegian Continental Shelf and has a contract life of two years with three option periods of two years each.
Deep Casing Tools CEO Lance Davis said: “This very significant multi-year agreement cements the foundation of our Norwegian and North Sea business as we continue to build our track record.
“The opportunity in Norway, as in other arenas, is to provide solutions to some key industry drivers: risk reduction when running tubulars to total depth, reducing flat time and trouble zone costs, and improving well bore conditions for cement placement and integrity.
“In answer to growing industry demand, we have now supplied more than 200 tools globally.”