Nabors - the worlds largest land rig company invests in Reelwell AS
20 April 2017
Reelwell AS, is pleased to announce a capital investment of 35 million NOK by Lime Rock Partners, Nabors Industries, Fourclover Aps (a company controlled by Reelwell Chairman Jørgen Peter Rasmussen), and Board member John L Thorogood.
These funds will be used for the development and commercialization of PowerPipe, a proprietary solution for modifying standard drillpipe to transmit data and electrical power between the surface and downhole.
Executive Chairman, Jørgen P Rasmussen said, “This is an important day for the company. Reelwell now has funding and strong ownership support to bring PowerPipe to the market. PowerPipe will facilitate the automation of the drilling process, reduce the cost of downhole tools, and open a world of new opportunities.”
Lime Rock Managing Director, Trevor Burgess added, “Reelwell’s small team of innovative engineers has created a practical and cost effective solution that will bring downhole to the internet of things. This could have a significant impact on how the drilling process will evolve.”