Odfjell Technology has today announced a strategic equity investment for a 10%
stake in Reelwell AS for 40m NOK. In addition, the cooperation agreement with
Reelwell AS has been extended to five years, with options for five additional
one-year extensions. This move underscores Odfjell Technology’s confidence in
Reelwell’s DualLink digital pipe technology, which enhances drilling efficiency,
thereby reducing emissions.
DualLink provides real-time telemetry and reliable downhole power, delivering
advanced operational control, while supporting more sustainable drilling
practices. This represents a significant step forward in combining efficiency
with environmental responsibility.
The investment builds on Odfjell Technology’s successful track record with
digital pipe solutions. By securing a seat on Reelwell’s board of directors,
Odfjell Technology will support the technology’s continued development and
commercialisation, aligning it with our long-term interests and commitment to
creating value
“Our equity investment confirms our belief in Reelwell’s innovative technology,”
said Elisabeth Haram, EVP Well Services at Odfjell Technology. “We look forward
to working closely with Reelwell to enhance sustainable drilling practices and
expand the use of DualLink across new markets.”
Odfjell Technology remains committed to leading the industry toward safer,
greener drilling operations, while delivering enhanced well services worldwide.
About Odfjell Technology
With over 50 years of experience, Odfjell Technology is an integrated supplier
of offshore operations, well services technology and engineering solutions,
delivering safe, efficient, and sustainable operations, reducing time, cost, and
carbon emissions.
About Reelwell
Reelwell is a pioneering technology company specializing in well construction
and intervention solutions. Its flagship product, the DualLink digital pipe
system seamlessly integrates real-time telemetry and wellbore power, providing
unmatched operational control. Designed to enhance safety, efficiency, and
cost-effectiveness while reducing environmental impact, Reelwell’s innovations
are redefining the oil and gas industry.
For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0) 7796 547 889
gbas@odfjelltechnology.com
and/or
Gert Haugland, SVP Finance & Investor Relations
+47 92661638
gjha@odfjelltechnology.com
Aberdeen, United Kingdom 21 March 2024
Odfjell Technology Ltd