Part acquisition of Innowell to enhance Welltec's completion portfolio

1712 X 963 Innowell Acquisition


Tommy Eikeland
+47 48 05 22 26

Part acquisition of Innowell to enhance Welltec's completion portfolio

Allerød, Denmark (April 8, 2024) – Welltec® is pleased to announce its part acquisition and strategic partnership with Innowell Solutions AS, a leading provider of inflow control technology for oil & gas completions and installations.    

Innowell's pioneering Density Activated Recovery (DAR) technology is renowned for its innovative approach to autonomous management of oil, gas, and water flow based on differences in density, perfectly complementing Welltec's existing completion portfolio of metal expandable packer technology to create a unique value offering for the completions market.

"During recent years, Welltec has significantly grown its completions segment, aiding our clients with well integrity and well construction solutions.  We have installed more than 2,500 products in more than 1,100 wells globally, ranging from the complex unconventional wells of Saudi Arabia and US land to the high-profile ultra-deepwater wells of Brazil and Norway.  It is a business that has now grown to account for 25% of our revenue stream”, says Tommy Eikeland, Welltec CCO.    

“DAR technology will allow us to provide a full portfolio in the lower completions domain.  Having invested 40 million (USD) in first-class, globally leading and fully robotized in-house production facilities, we’re now also ready to manufacture DAR technology together with our existing portfolio.  We’re really looking forward to our first joint delivery with Innowell, and to prove to clients the significant value this technology will create”, adds Eikeland.

A focus on optimization
DAR technology is able to control water and gas ingress with minimal pressure drop, thereby increasing both productivity and recovery in wells.  The integration of Innowell’s autonomous DAR technology into Welltec's portfolio not only enhances the lower completion value offering, but also underscores a dedication to optimizing productivity – one of the most pressing issues in the oil & gas industry today.  
"Joining forces with Innowell empowers us to address the complex challenges faced by our clients with even more precision and innovation.  This move is a testament to our commitment to leading the industry forward, leveraging technology to ensure sustainable and efficient energy production”, says Wai Hoe Chum, VP of Completions, Welltec.     

A natural fit for a new standard
Highlighting the shared vision of the two companies, Torger Skillingstad, Chairman of Innowell Solutions AS says, "Partnering with Welltec, well-known for its innovative and high-quality product offerings, is an excellent fit in terms of our most ambitious goal to deliver a new standard in how we can control the fluids entering into the wellbore, autonomously.  Our shared vision for improved recovery, enhancing well integrity and performance through cutting-edge technology makes this partnership a natural fit.  
Together, we will set new standards for excellence and innovation in the energy sector."

About Welltec

Welltec® is a global technology company that develops and provides efficient, hi-tech solutions for the energy industry.

The company was founded in 1994 and grew rapidly by supplying innovative intervention technology to oil and gas operators. In 2010, Welltec introduced a new business segment focused on developing Completion solutions, and since commercialization of these products in 2014, the company has become a global leader in the field of metal expandable packer technology. Welltec’s cutting-edge products and services are designed to optimize the performance and integrity of a well, in any environment. As a well-established and trusted partner to energy industry stakeholders across the globe, Welltec is successfully aiding clients within New Energy and Climate Technology, with a focused approach to help develop geothermal energy, and carbon capture and storage (CCS) projects.

Through advanced engineering and lightweight design, Welltec’s solutions have helped clients increase operational efficiency and reduce carbon footprints in a safe and sustainable way for 30 years.