Futuretec, a UK-based developer of technology for enhancing oil and gas well casing and liner activities and cementing, has raised Gbp4 million in VC funding from Scottish Equity Partners and Energy Ventures.
Futuretec, whose innovative technology delivers major benefits in the construction of oil and gas wells, has secured venture capital funding of Gbp4 million from Scottish Equity Partners and Energy Ventures III LP to support its ambitious global growth strategy.
Futuretec products enable clients to achieve impressive results in casing oil and gas wells, reducing risk and maximising operational efficiency. Technology solutions, which deliver enhanced performance in casing operations, are becoming increasingly important against a backdrop of record high oil prices and rising drill rig costs. This creates a significant opportunity for Futuretec.
The company's products are targeted at the expanding $5 billion global market for completion technology. Its first commercial product, Turboblade, is being used successfully in the North Sea,
Lance Davis, Chief Executive of Futuretec, said: “Our high quality centraliser products are rapidly gaining ground with international clients. We are delighted to have attracted backing from SEP and Energy Ventures who are experienced and highly-regarded investors in the energy technology sector. The new funds will enable us to expand our international sales network for existing products and to complete the development of innovative new casing technologies.“
David Sneddon, a Partner in SEP said: “Futuretec is an exciting new addition to SEP's energy investment portfolio. It is led by an experienced management team and its products address a growing need for new technology solutions in the global energy sector. Futuretec has achieved a tremendous amount to date and this provides an excellent platform for future growth.“
Ole Melberg, Managing Partner in Energy Ventures III AS said: “Futuretec has a significant opportunity to capitalise on strong international demand. Its first product has proven to be highly effective and has been well-received in the industry. It has a strong pipeline of products under development and a management team with a track record for delivering results. We have every confidence it will achieve its full potential.“
NOTES TO EDITORS
Aberdeen-headquartered Futuretec develops leading-edge technology to enhance casing and liner activities and cementing. Futuretec is expanding its international network and developing a portfolio of new high-quality products for well construction.
About Scottish Equity Partners (SEP)
SEP is a leading European venture capital firm based in
About Energy Ventures
Energy Ventures is a leading venture capital firm specializing in the upstream oil and gas technology arena. Energy Ventures advises three oil and gas venture funds with a combined capital base in excess of US$400 million. Energy Ventures has offices in