Ace Well Technology has leveraged its well completion product portfolio to grow its business in the Western hemisphere by almost 300% over the past year.
In a record year for Ace Well Technology (AWT), the company reached several milestones. The well completion and casing centralisation portfolio, comprised of the Ace Splice Carrier (ASC), the Ace Tracer Carrier (ATC) and Ace Ratchet Collar (ARC) has made inroads in the Americas. Sales of these products in the Western Hemisphere have trebled from 2022 to 2023, driven primarily by high demand in the Brazilian offshore market.
Ace’s total revenue was doubled year-on-year from 2022 to 2023, with significant increases on both well construction and completion portfolios globally. The company has now delivered in 40 countries, up from 30 in 2022.
CEO Espen Sørbø of AWT comments: “Having developed our entire well completion portfolio the past 10 years, we now see our commercialisation efforts coming to fruition with massive demand in new markets for Ace. We are happy to see that our focus on tools that are simple, cost-effective, and easy to install give us a considerable edge when operators choose suppliers.”
To scale the organisation for future growth, Ace is focusing on growing its global employee count by 30 – 40% next year and strengthening sales representation in emerging markets. Research and development are focused on completion of the fully automated version of the ACLC, designed to reduce high-risk work on the drill floor. In collaboration with two major operators, commercialisation of this product is scheduled to take place during H2 in 2024.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22022024/ace-well-technology-leverages-completion-product-portfolio/