Sat. May 25th, 2024

TLDR:

  • Ace Well Technology has leveraged its completion product portfolio to grow its business in the Western hemisphere by almost 300% in the past year.
  • The company reached several milestones, including doubling total revenue, expanding delivery to 40 countries, and focusing on future growth by increasing global employee count.

Ace Well Technology has experienced significant growth in its completion product portfolio, leading to a nearly 300% increase in business in the Western hemisphere over the past year. The company’s well completion and casing centralisation portfolio, which includes products like the Ace Splice Carrier, Ace Tracer Carrier, and Ace Ratchet Collar, has seen a significant increase in sales in the Americas, driven by high demand in the Brazilian offshore market. Overall, Ace’s total revenue doubled year-on-year from 2022 to 2023, with notable growth in both well construction and completion portfolios globally. The company has expanded its delivery to 40 countries, up from 30 in 2022.

CEO Espen Sørbø of AWT highlighted the success of their commercialization efforts, stating that their focus on simple, cost-effective, and easy-to-install tools has given them a competitive edge in the market. To prepare for future growth, Ace is planning to increase its global employee count by 30-40% and enhance sales representation in emerging markets. Their research and development efforts are also focused on the fully automated version of the ACLC, designed to reduce high-risk work on the drill floor. Collaboration with major operators for the commercialization of this product is set to take place in the second half of 2024.

Overall, Ace Well Technology’s strategic focus on its completion product portfolio has resulted in significant growth and expansion, positioning the company for continued success in the oil and gas industry.

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