Red Spider Technology Showcases Latest Technology at ONS

Red Spider Technology

Red Spider Technology will be showcasing some of its latest technology at the Offshore North Seas Exhibition (ONS 2006) in Stavanger from August 21 – 25, 2006. Red Spider is the only UK company out of a total of 15 exhibiting in the Innovation Park at the show.

Center stage at ONS will be Red Spider’s through tubing rotary drilling (TTRD) technology and Hydraulic RED remote equalisation device.

Red Spider opened a base in Stavanger in November 2005, appointing two members of staff. The company has gained a strong foothold in the Norwegian market, where it is running offshore operations on a regular basis and receiving very good customer feedback. Red Spider is confident of building a turnover of £1 million (15 million NOK) in Norway by September 2006.

Chris Oliver, managing director of Red Spider Technology says, “Norway has been a particularly successful area for us. A number of our products have been embraced by the Norwegian sector, including the Hydraulic Red, which made its debut offshore in the Gullfaks field, and the High-Lift Injection Valve which completed 12 months operation on BP Norge’s Valhall platform. The Norwegian area currently accounts for 50% of our turnover. In response to this high demand and to build on our success in the region we opened an office in Norway to continue growing and developing our presence there.

“We have opted to exhibit in the Innovation Park again this year as it puts us amongst the innovators and best new technology, giving us the best platform from which to promote our growing portfolio of products and solutions for the oil and gas industry.”

Red Spider Technology will be profiling the TTRD (Through Tubing Rotary Drilling) protection sleeve, which has been successfully deployed in Norwegian waters. This device is seen as the main way of unlocking stranded pockets of oil for the minimum up front investment and provides a cost saving way for accessing isolated reservoirs to bring the marginal reserves online. Key to the success of the TTRD is its ability to have full functionality of the existing completion once the well as been drilled and at a significant saving over the cost of drilling a new well.

“During the ONS show week we will also be talking to potential clients about the success of the Hydraulic RED, an intelligent equalization device allowing the operator the ability to perform any number of pressure tests up to its maximum rating, above or below the plugging assembly,” Added Chris.