Tendeka has announced the acquisition of the Middle East based advanced completion company Flotech, which provides unique sand face completion technologies, including a full suite of Inflow Control Devices (ICD's) along with isolation packers.
The acquisition complements the existing Tendeka family technologies which combine digital monitoring solutions provider, Sensornet, swellable elastomers experts, Swellfix, and wireless well communication and downhole instrumentation specialists, Well Technology. The company's aim is to consolidate specialist solutions for increased efficiency in well completions and production. The Flotech acquisition represents the next step in the strategy of providing customers with enhanced integrated production optimization solutions.
Chairman of Tendeka, Martin Perry, commented, "The addition of Flotech to Tendeka is a significant strategic step in broadening the high value completion technologies which the group can provide."
CEO of Tendeka, Neale Carter, added, "Flotech will prove a major contributing factor in the growth of Tendeka's products and services. Flotech is a creative company and will provide a step change in value from our existing completion portfolio. By adding Flotech to the Tendeka family of products we look forward to supplying our customers with enhanced completion and production optimization solutions."
Chairman of Flotech, Faisal Al Shoaibi, commented, "Flotech joining Tendeka is a natural and logical evolution for the company. This follows a successful incubation through to full commercialization of the Flotech product range by the founders in association with the Shoaibi Group. I believe the transaction with Tendeka gives Flotech an ideal platform it can build upon to aggressively expand its geographical footprint and for Flotech to achieve its full potential."
CEO of Flotech, Giovanni Salerno, said, "Flotech adds further world class reservoir optimization solutions to the Tendeka family, not only through the addition of our sand face completion technologies but also through our highly experienced personnel. We look forward to becoming part of Tendeka’s portfolio of technology driven solutions."
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