New Technology Increases Safety and Cuts Cost

BERGEN, Norway, February 13, 2015 /PRNewswire/ --

Welltec®, the world leader in safe and cost effective well optimization, is pleased to share this recent success demonstrating pioneering approaches that solve today's oil and gas challenges.

     (Logo: http://photos.prnewswire.com/prnh/20140219/671153 )

The development of a unique mechanical cutting tool makes it possible to eliminate explosives from many operations which require tubulars to be recovered during workovers, drilling operations or recompletions. Welltec^® has created the Well Cutter® which makes it possible to perform several cuts of drill pipe, casing and liner, without explosives, in the same trip in the well and make the cut regardless of whether the pipe is in tension or compression. This achievement leads to instant time and cost savings while increasing safety for both people and assets.

The world's first operation demonstrating two cuts in the same run recently took place offshore. Two cuts were required in order to reduce the risk of pulling the tubing in one piece through a restriction; two sections creating smaller lengths of continuous pipe and reducing the risk. The operational time was reduced significantly and the unique ability to cut under tension or compression provided a key benefit as it overcomes uncertainty sometimes posed by the environment.

In another example, the Well Cutter^® again demonstrated its ability to overcome uncertainty, reduce risk and optimize operational efficiency by cutting through both scale and tubing in the same run. A large build-up of BaSO4 restricted the ID of the 7" tubing to just 5.45". In this example the operator saved approximately 75% of the costs by performing the entire operation on e-line compared to a rig-based operation.

The Well Cutter is another example of our ability to help our clients reduce costs and deployment times while enabling increased cash flow without compromise to the safety of people and assets.

Welltec^® is the pioneer and the world's leading provider of downhole robotic solutions for deployment, milling, clean-out and mechanical solutions. For more examples of innovative ways to solve your workover challenges through lower lifting costs, reduced capex and maintained production - http://www.welltec.com/reducecost

Contact
Brian Sidle / bsidle@welltec.com / +45-4814-3514 / +45-52138346