Singapore: Red Spider Launches New Products at Deepwater World Asia 2011

Red Spider, the Remote Open Close Technology specialist delivering multi-million pound savings and reduced risk to the oil & gas industry, is launching two game-changing products to the Asia-Pacific market at a key industry event this month.

The UK-headquartered company completed agreements with agents in Indonesia and Malaysia this year and is continuing to develop its presence in the region by exhibiting at Deepwater World Asia 2011 on October 10 – 13 in Singapore.

The agents promote the company’s suite of Remote Open Close Technology and provide a permanent presence for customers in the regions. Agency agreements are with Abumas, which represents the company within Indonesia, and Scomi in Malaysia.

Delegates at the exhibition will be able to experience first-hand the Remote Open Close Technology, which includes Red Spider’s product eRED and the two new products – PowerBall® and the eRED-FB (a completion placement valve).

Red Spider CEO Steve Nicol, said: “Within the Asia-Pacific region there has been a great deal of interest in our technology and having agents in place means we can respond quickly to demand. This conference provides an ideal opportunity to display our technology to such an important market for us.’

eRED, Red Spider’s first tool to use its patented Remote Open Close Technology for remotely operating downhole valves, has been used by 14 operators resulting in significant risk reduction and maximising production time by removing wireline runs from operations. The technology is on its way to becoming the industry standard solution for various downhole applications, with the first operation in the Asia/Pacific being successfully completed in July this year for Woodside Australia.

The valve has allowed major operators to save up to $900,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In deepwater workover operations savings of up to 36 hours and $800,000 have also been recorded in a single job, as well as major reductions in risk.

It quickly became apparent from the eRED’s continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to around $3million of investment and over two years of extensive research and development work, which has resulted in PowerBall® and the eRED-FB.

eRED-FB completely eliminates slickline intervention from completion operations, resulting in savings of up to 32 hours and $1million in subsea scenarios. Moreover, a mechanical downhole barrier is present, to be activated upon request and to take control of the well.

PowerBall® is a pioneering reservoir isolation barrier that prevents fluid loss during the upper completion phase of well construction. Remote opening of PowerBall happens with no pressure cycles, but on detecting a specific trigger much as with the eRED, thus resulting in a much more flexible, safe and quick operation, with potential savings of up to 12 hours and $250,000.

In line with Red Spider’s increased presence in the Asia Pacific market there have been several staff changes including Richard McKimmie relocating to Perth, Australia as region manager next month (November) and Bruce McLeod relocating to Kuala Lumpur in the role of sales manager early next year.

Red Spider is exhibiting at Deepwater World Asia 2011, Singapore, on Booth 4.

Source: Red Spider, October 12, 2011

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