Nescos Receives Wins Contract for MRS Completion System

GGS' wholly owned subsidiary, NESCOS AS, has been requested by a major international oil company to deliver one set of its MRS completion system for a project in the Gulf of Mexico region. Production is in progress and installation is planned for early 2007.

The project is worth around US $100,000 and will use the Mechanical Rotation Sleeve (MRS) version of the NESCOS technology which is not surface-controlled and therefore lower cost.

Morten Andersen, Chairman of the Board of GGS states: "I am pleased to see that a new major oil company has decided to test the NESCOS valve technology in a down-hole application. This indicates that the commercialization process of NESCOS will now advance at a higher speed than before. This is following the successful testing at RF - Rogaland Research last year and the pre-qualification of the NESCOS system by Petrobras after installation and several months of operation in a well in Brazil."

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