Reelwell AS has secured a strategic fairness funding by Odfjell Expertise, the corporate introduced at present. The deal sees Odfjell Expertise buy a ten% stake in Reelwell for 40 million NOK. The funding might be used to develop and develop Reelwell’s industry-leading DualLink digital pipe expertise.
The cooperation settlement in place between Reelwell and Odfjell Expertise has additionally been prolonged to 5 years, with choices for 5 extra one-year extensions. The purpose of this partnership is to ship synergies between Reelwell’s DualLink digital platform and modems with Odfjell Expertise’s intensive offshore experience in tools deployment, upkeep, and logistics.
Earlier this 12 months, a multi-year contract with Vår Energi ASA for the supply of Reelwell’s DualLink powered digital drill pipe expertise was introduced. This was the primary collaboration below the cooperation settlement between the 2 firms. Manufacturing and meeting are already underway at Reelwell’s amenities in Sola, with the undertaking set to get underway later in 2025. Reelwell might be answerable for the general supply of the contract, together with the supply of its DualLink expertise. Odfjell Expertise will present all the mandatory drill pipe parts and equipment for the undertaking and oversee the various upkeep necessities.
Jørgen Peter Rasmussen, Government Chairman of Reelwell, acknowledged: “We welcome Odfjell Expertise to our investor group as a robust industrial accomplice, and I’m happy to welcome Elisabeth Haram as a brand new Non-Government Director on our board. Reelwell and Odfjell Expertise will work intently collectively to ship DualLink companies to our shoppers. That is nice information for the {industry}.
Elisabeth Haram, EVP Properly Companies at Odfjell Expertise, feedback: “We look ahead to working intently with Reelwell to reinforce sustainable drilling practices and increase the usage of DualLink throughout new markets.”
