Enventure Doubles SET Installations in 2002
Enventure Global Technology announced year-end results for 2002 that include a doubling of revenues, personnel and the number of Solid Expandable Tubular (SET(TM)) installations. Revenue increased 100 percent over 2001 figures, and the company's staff has grown to 110. Enventure has installed a record number of 110 SET Systems and expanded 2,776 connections and more than 108,000 feet, or nearly 20.5 miles of casing.
"Of Enventure's 110 SET Systems installed to date, more than 50 percent were completed in 2002," said Mike Teers, COO for Enventure. "Our growth is a direct result of the increasing industry adoption of this revolutionary technology. And we continued to demonstrate our commitment to safety, completing our third year without a lost time injury, a safety performance level that we are very proud of."
Enventure also points to its expanding customer base as evidence of the increased acceptance of SET Technology. In 2002, Enventure boosted the number of customers it was working with from 15 to 36 -- the list being comprised of major, large and small independent operating companies on a global basis.
In response to expanding demand for this new technology, Enventure has opened regional offices in Asia-Pacific, the Middle East, West Africa and the North Sea to provide equipment and personnel quickly to every major oil basin. Of the sixty-one SET Systems Enventure installed this year, 20 percent were in international wells.
"These results confirm that SET Technology is destined to revolutionize the way wells are drilled and completed," Teers added. "Enventure's growth shows that the industry has recognized that our technology can maximize efficiency, minimize rig requirements, overcome heretofore unresolvable challenges to reach total depth (TD) in deepwater, shelf and onshore wells, produce more reserves and save money for our customers."
As the only proven provider of SET Technology, Enventure currently holds or has pending more than 300 patents for its proprietary systems.