Red Spider is launching two game-changing products to new international markets for the company at key industry events.
The UK-headquartered company recently expanded into the North American market, opening a base in Houston. The company has invested nearly £1.6million in the last quarter in increasing its fleet of products to ensure it can respond to growing customer demand.
eRED, Red Spider's first tool to use its patented remote open close technology for pressure testing applications, has been used in 12 fields. The technology is on its way to becoming the industry standard solution for various downhole applications.
The valve has allowed North Sea operators to save up to £600,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In subsea workover operations savings of up to 41 hours and £500,000 have also been recorded in a single job.
It quickly became apparent from the eRED's continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests led to around £1.9million of investment and over two years of extensive research and development work which has resulted in the two new products - PowerBall® and the eRED-FB (a completion placement valve).
Red Spider CEO Steve Nicol, who is attending the South African event, said, "There is enormous potential for our products in the US, South America and Africa - a high level of interest has been expressed in all of these regions. Both conferences are excellent forums for us to show our new completions technology to highly-relevant audiences."
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