The joint venture, 60% owned by Al Qahtani Maritime and 40% owned by PEG, will immediately begin constructing three WISE multifunction well intervention units, which will be deployed offshore. PEG will build the units in the U.S. and will custom-configure them using the latest WISE technology, including site-generated nitrogen capability.
Philip Crawford, PEG's Chief Executive Officer, said: "Less than one year after our initial public offering, we have become an international company through our joint venture with Al Qahtani, a well established and highly respected Saudi Arabian services company. We believe our WISE multifunction coiled tubing technology offers significant benefits for both offshore and land operations in this region."
Sheik Khaled Al Qahtani, Vice Chairman of Al Qahtani Sons Group, stated: "We are pleased to join with Production Enhancement Group to introduce WISE multifunction coiled tubing technology to oil and gas producers in the region. The compact, lightweight WISE units will make it feasible to service thousands of offshore wells using small or medium-size lift boats."
Patented WISE multifunction technology uses a single engine and proprietary power management to operate several integrated well intervention functions, including coiled tubing, nitrogen, and fluid pumping, significantly reducing the amount of equipment, the crew size, and job duration compared with conventional coiled tubing systems. A WISE well offshore intervention unit typically occupies 60% less deck area, weighs 60% less, and requires only half the personnel needed for competitive coiled tubing systems.
Production Enhancement Group, a Houston-based energy services company incorporated in Alberta, Canada, developed—through its wholly owned subsidiary, WISE Well Intervention Services, Inc.--patented WISE multifunction coiled tubing technologies and markets a full range of coiled tubing and pressure pumping services.
Al Qahtani Maritime & Oil Field Services Co. is a subsidiary of the Abdulhadi A Al Qahtani Sons Group, Dammam, Kingdom of Saudi Arabia. The company covers a full scope of services including state-of-the-art technology for the oil industry, onshore or offshore drilling, and equipment or turnkey projects in the oil and gas sectors.
Most Popular Articles
From the Career Center
Jobs that may interest you