Deep Casing Tools has announced plans to create several new jobs and more than triple its turnover during the forthcoming year following the launch of its latest unique technology.
Displaying strong business growth, the company has already doubled its revenue year-upon year, having announced a turnover of £1 million in 2010.
In a bid to establish itself as the world leader in its marketplace, it has also announced an ambitious growth strategy including plans for a greater presence in the United States and Norway, as well as increasing an already-strong reputation in the Middle East and the North Sea. In 2012, it plans to develop facilities (warehouse and assembly plant) as well as a workforce in the Middle East to complement its Aberdeen operations.
In order to cope with the increasing demand for its suite of technology, the company will be recruiting for a number of positions in the near future with employee numbers due to increase by 50% to approximately 20 before the end of 2011.
Deep Casing Tools has already seen several new appointments in recent months, with the employment of an additional sales manager and, as part of the manufacturing process, a new technology manager in Aberdeen.
It recently welcomed international oilfield technology expert Stuart Ferguson onto its advisory board. Until recently, Mr Ferguson was senior vice president and executive officer of Weatherford International Ltd, having served in a number of roles including chief technology officer, senior vice president for reservoir and production, and divisional president for completion systems. Prior to joining Weatherford, he worked for both oilfield service and E&P companies, having started his career as a petroleum engineer with BP.
Continuing to develop its successful range of products, the company has launched its latest revolutionary innovation, the Turbocaser ExpressÔ - a unique, independently powered high speed drill-through reaming system - worldwide this year, which has already attracted great interest from the drilling community. Designed to allow drilling engineers to land casings at target depth first time, the Turbocaser ExpressÔ sports the unique feature of being completely drillable, which removes the need to sidetrack wells, thereby reducing costly non-productive time.
In addition, successful applications for PetroCanada and CNR International are now boosting the track record of the company's unique TurborunnerÔ 5 inch and 7inch independently-powered high speed reaming tools, with several more runs secured for Spring 2011.
As part of its plans for continued growth, Deep Casing Tools will be taking part in this year's SPE/IADC Drilling Conference & Exhibition in Amsterdam from 1-3 March. The company also plans to exhibit in the Scottish Pavilion during the Offshore Technology Conference (OTC) in Houston from 2-5 May.
Lance Davis, CEO of Deep Casing Tools, said, "We are delighted with the success of our innovative and unique products, particularly with the recent successful applications being enjoyed by existing clients including PetroCanada and CNR International.
"Demand for our technologies is gathering greater and greater momentum as the drilling and completions community seeks the most effective method of achieving target depth in the most demanding conditions. We are already experiencing a significant amount of interest in Turbocaser ExpressÔ and we expect that to increase through 2011.
"In addition to this we intend to pursue our goal of achieving a greater presence in other key markets, which should subsequently enable us to recruit for several positions in 2011 and 2012.
"These are extremely exciting times at Deep Casing Tools. The success we enjoyed in 2010 is carrying over into this year and we fully intend to capitalise on that."