Ian Silvester, CEO USA
Dec 28, 2022
As the year comes to a close, it's important to take a moment to reflect on the successes of the past twelve months. For Reelwell, 2022 has been a year of growth and stability.
We’ve welcomed new members to our team, expanded the number and size of our projects, and seen several new patents granted to support the deployment of our technologies.
But more than just growing as a company, we've also been focused on finding ways to help our customers improve their operational efficiency, optimize their costs and providing a more reliable suite of electrically enabled digital technologies. It's a mission that drives us every day and one that we're committed to continuing in the year ahead.
A year of growth and stability
2022 saw us welcome the partners of Solix Group AB onto our board as a new investor in Reelwell with a minority ownership position. Their investment and experience directly supports the growth and development of our company in this and future years to come.
Supporting the energy transition
The energy sector faces the combined challenges of secure, cost-efficient supply of energy while reducing emissions and finding a mix of reliable alternate energy sources. These challenges provide many opportunities for growth and innovation. We are committed to align with these ongoing global needs and were pleased to secure two funded projects for Geothermal energy development using DualPipe technologies during the last twelve months. More on these projects in the coming months as we develop them further with our partners.
DualLink™ Completions Project
We continued to work closely with Aker BP during 2022 to continue development of the DualLink™ Completions Project: adapting the DualLink technology to enable an all electric, Powered Digital Network on an upper completions string. The technology offers the opportunity to run automated completions, removing personnel from the rig floor, opens the weather window of when completions may be run and enables further all electric automation.
Development and upscaling of our technology
During 2022, we received funding from a major Norwegian operator to take the commercial 5-inch DualLink™ and upscale it to the 5 7/8” pipe size for the Norwegian market, along with expanding the portfolio of enabled 3rd party tools and service companies.
Additionally, we made significant progress in the production of pipes for the US land market. Production of DualLink for Nabors from our facility in Sola surpassed triple digits and continues to expand monthly, ahead of increased activity levels in the North America.
Reelwell was also fortunate to have been granted and awarded several patents across our technology portfolio during 2022, further strengthening our market position and growth potential.
Of course, I cannot fail to mention our participation in the SPE IADC and ONS exhibitions during 2022. We presented our SPE paper detailing the results of a customer demonstration of DualLink earlier in the year at Galveston; and later demonstrated the technology to operators, drillers and partners at ONS by playing an electric guitar live through the powered digital wired drill pipe on our exhibition stand.
Looking towards the new year to come
Looking towards the future, we're seeing significant interest in DualLink™ powered and wired drill pipe and completions, both in our home markets as well as other global areas. Our Geothermal concept is also showing potential for local, European and global applications.
Overall, myself and the Reelwell team can all look back on 2022 with a great deal of pride. It has been a productive and successful year of growth for our business. As we look towards the future, we're excited to continue pushing boundaries and finding new ways to support our customers.
In the meantime, we wish you all the best for the coming year and hope that you have a happy and restful holiday season.