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Aberdeen-headquartered casing and completion technology business, Deep Casing Tools, has secured £3.5m new investment from independent growth equity firm, EV Private Equity to grow the business, following a challenging time in the industry.
The investment has enabled Deep Casing Tools to buy out a major shareholder as part of a strategic plan to reenergise the business and expand its footprint on the UK Continental Shelf, the Middle East, the US and Canada.
The company has also appointed a new high-calibre management team to drive this growth strategy and extend its product range with the development of several new technologies.
Deep Casing Tools’ new Chairman, Steve Kent, is an oil and gas executive with more than 20 years’ international experience in Schlumberger and Weatherford and a further decade as a director and investor in energy technology businesses.
With a strong track record in business improvement and product development, its new CEO, David Stephenson, has managed substantial businesses in the UK, Europe, Middle East and South East Asia during a 20-year career in the sector.
The company is already delivering encouraging growth, having recently signed a major agreement with a significant national oil company in the Middle East, with further new contracts in the pipeline.
Steve Kent, Chairman of Deep Casing Tools said: “This multi-million pound investment from EV Private Equity creates an exciting opportunity for Deep Casing Tools to drive growth in the UK, Middle East and North America. It also enables the company to accelerate the development of several new technologies which we plan to bring to market in the coming months.”
David Stephenson, CEO of Deep Casing Tools said: “Like many businesses in the oil and gas industry, the last few years have been difficult for us. With this investment and restructure we’ve created a sharper focus on the needs of customers and how our technology solutions can deliver value by reducing costs and increasing efficiency.”
Greg Herrera, Senior Partner at EV Private Equity said: “Our continued investment in Deep Casing Tools recognises its proven technology, unique position in the global market and ability to add further innovative solutions to its strong portfolio. We’re delighted to have Steve and David on board to drive the company’s growth strategy and deliver value for customers.”
Deep Casing Tools offers a range of innovative tools designed to land casing and completions at target depth in oil and gas wells, providing significant cost and time efficiencies, as well as minimising risk.