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DECOMMISSIONING SPONSORED BY
www.wellsafesolutions.com
SAFE, SMART & EFFICIENT The complete package for well decommissioning Well-Safe Solutions provides a ground-breaking approach to the safe and cost-efficient decommissioning of on and offshore wells. We offer a specialist well abandonment service that allows operators to meet the challenges and regulatory imperatives around decommissioning, while significantly reducing costs.
Aberdeen oil and gas services firm gets £3.5 million BGF investment Aberdeen-based oil and gas services firm isol8 has received a £3.5m investment from BGF to support its long-term growth plans, including doubling staff numbers during the next 12 months. The funding will also be used to develop its zero-emissions product portfolio and expand services into the wellbore construction sector. The company's wellbore barrier technology supports the UK Government’s ambition to drive down global methane and carbon dioxide emissions, while reducing decommissioning costs for energy firms. Isol8 claims to be the only company in the world known to use underwater soldering to create metallurgically-bonded alloy barriers to seal off oil and gas wells. Chief executive Andrew Loudon said: “Decommissioning is now a huge focus in the
North Sea and we’re partnering with clients to help them significantly reduce their asset retirement costs. “Now, with the support of BGF, we are in a strong position to broaden our zeroemission product portfolio and accelerate the production of new products, including our casing annulus packers and tubing packers for well construction.” Founded in Aberdeen in 2017, isol8’s UK team of seven has around 170 years of oilfield experience between them. It also has another research and development team of four based out of Port Townsend in Washington State. As part of the transaction, BGF investor Richard Pugh will join the board of isol8 as an investor director, alongside newly-appointed independent director Nigel Avern; the former chief executive of Peak Well Systems.
Pugh said: “This funding round will support an exceptional management team in completing the final push to commercial adoption, working in parallel with a number of operators who have shown real commitment to the technology. “We are also delighted that Nigel Avern has joined the board to bring his own experience of building successful energy technology businesses.”
Aker Solutions, AF Gruppen Given Go-Ahead To Create Decom JV he business concept is based on solving a significant societal challenge by removing and recycling decommissioned oil platforms. The unit aims to recycle as much of the materials from the decommissioned offshore platforms as possible. Decommission of the offshore market has a vast untapped potential globally, with approximately 10,000 operational platforms. The North Sea alone holds a significant potential with an expectancy of more than 900,000 metric tons of top deck to be removed during the period from 2020 to 2029. This applies to the British, Norwegian, Danish, and Dutch sectors. The Norwegian Competition Authority (NCA) has not had any objections regarding the creation of a decommissioning joint venture between AF Gruppen and Aker Solutions. Aker Solutions informed that the transaction was subject to due diligence and final board approvals, expected to be completed during the fourth quarter of 2021. To remind, Aker Solutions and AF Gruppen signed the letter of intent to merge the two companies’ existing offshore decommissioning operations
www.ogv.energy I October 2021
into a 50/50 owned company on July 1, 2021. The merger will create a global player for environmentally friendly recycling of offshore assets and provide a significant contribution towards a sustainable, green transition of the offshore sector. It is worth noting that the recycling of steel from decommissioned oil platforms represents a significant contribution to reducing greenhouse gas emissions compared with ordinary steel production.
As for AF Offshore Decom, it managed to achieve a source separation rate of 94% for the recycling of structures where the main component is metal. Reusing steel results in 70% less CO2 emissions than ore-based production, which corresponds to an emission reduction of 1 kg CO2 per kilo of recycled steel. According to Aker Solutions, it will take operators approximately 100 years to deplete liabilities for current assets. Thus, a further ramp-up of pace is necessary, leading to a positive contribution to the demand for this type of service. The joint company will have an order backlog of approximately $292 Mn.
