ABERDEEN-headquartered oil and gas technology development company, Deep Casing Tools (DCT), has secured new investment of £1.6m to help it bring new technologies to the global market.
The funding, from Scottish Enterprise and EV Private Equity, will allow DCT to continue to trial and patent new technologies and help the firm further expand its global footprint and exporting capabilities on the UK Continental Shelf, Asia, the Middle East, and the US.
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DCT’s SelfLOK flotation device, designed to float liners to target depth more cost-effectively, has seen a surge of interest in the US market and a number of active conversations are happening to secure regional trials.
In recent years, DCT has experienced significant growth having reported a 120% turnover increase in 2019 after it expanded its footprint in key international regions and secured major agreements, including a five-year contract with Saudi Aramco to supply its TurbocaserTM and TurborunnerTM tools.
David Stephenson, DCT chief executive officer, said: “As the global energy industry focuses on achieving ambitious net zero targets, innovative downhole technologies that can unlock greater efficiencies and value, and ultimately help to reduce emissions, have never been more important.
“This backing allows Deep Casing Tools to continue to support the energy transition through smart, innovative technology based on simple mechanical principles.
“This funding strengthens our position as a leading technology innovator for the international energy market, and ensures that we are well-positioned to recover from the crisis and continue to grow our operations for many years to come.”
