Stavanger, 07 May 2019 – Fishbones, the leading provider of alternative reservoir stimulation technology, has announced its busiest start to the year ever, with 700% year-on year growth. Increasing its staff base by 25% in the first four months of 2019, the seven new hires will be based across the company’s operations in Europe, Middle East and Asia regions to best serve increased client demand.
The growth comes on the back of successful new projects in Qatar, Egypt and China, which have seen the company install over 244 patented Fishbones subs in total over the last 12 months. This includes a project which doubled oil production for an international operator in Qatar. The Fishbones Simulation System, equipped with 25 subs (100 needles), doubled production rates and increased the Production Index (PI) more than six times in the new offshore well. This was in a layered limestone formation.
The new position of Chief Technology Officer has been created to meet increased demand, maximise opportunities and develop the company’s international growth strategy. Joining from CannSeal, Lars-Tore Berg started in May. His focus will be on quality management and improving efficiencies. Other new hires will be based across the company’s sales and R&D teams and will include field engineers and logistics coordinators. As Fishbones technology is augmented each time to ensure it properly meets the intricacies of every well, the expanded team will ensure that innovation and client service remains a key focal point despite its ambitious development plans.
Fishbones’ Chief Executive Officer, Eirik Renli commented: “Fishbones is a results driven company and we are proud of the work that our team and technology delivers for clients every time. The last twelve months have been especially important to us as we have secured new and recurring clients. We have also expanded the application portfolio for our technology to include the use of Fishbones Retrievable and Fishbones Stimulation system. The latter being used in highly consolidated formations, such as conglomerate and granite, as well as injector wells and gas wells.
“We are so pleased to be welcoming Lars-Tore to our team. With a clear passion and energy for bringing innovation to the forefront, this is an important next step for us as we look to expand to new international markets and further share our unrivalled technology with the industry.”
Lars-Tore Berg is a specialist in well intervention with over 30 years’ experience. Berg has worked at Baker Hughes, Altus Intervention, Cameron and, most recently, as CEO at CannSeal. Lars-Tore Bergadded: “The chance to work with game-changing technology such as the Fishbones systems is a huge opportunuty for someone who has always been passionate about seeking new ways to increase productivity. Throughout my career I have enjoyed the largely international aspect of my job, so working with the team to drive forward the global development strategy for such an ambitious company is very exciting”.
Increasing reservoir connectivity with precision and control, the Fishbones reservoir-enhancing technology can be used in both carbonate and clastic conventional and unconventional reservoirs. Both the Fishbones Drilling and Fishbones Jetting technology use a short pumping operation, where numerous titanium tubes are extended at even intervals from the motherbore to create long channels that deliver significantly improved productivity. The multilateral stimulation system is proven to at least double production levels and generates significant savings versus hydraulic fracturing. A number of health, safety and environmental (HSE) advantages also exist due to decreased resource requirements, reduced fluid and power usage, and the avoidance of additional vessels.
Fishbones is currently attending OTC Houston, where it is showcasing its technology and launching its new company branding, including a new-look website.
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