Half year review
29 June 2021
As we come towards the end of the first half of 2021, we are delighted to share our latest company update with you. We’re taking the time to look back on some of the key successes, organisational news, and updates from the Fishbones team over the last six months.
June saw us announce three contract updates. We were delighted to announce that our much-valued customers and shareholders, Equinor and Aker BP ASA, both had confirmed recurring orders for Fishbones stimulation technologies.
The contracts for Fishbones build on the proven success of Fishbones Drilling systems in previous projects for the operators. This is testament to the innovative stimulation technology which has boosted production whilst cutting time and risk on Equinor and Aker BP’s offshore Norway fields.
Furthermore, a 2-year contract was signed with Daleel Petroleum in Oman for the provision of Fishbones Stimulation Technology.
May also saw an announcement with Lundin Energy Norway on a new production well on the Edvard Grieg field which was completed using Fishbones technology. A second well with Fishbones was also confirmed. Lundin believe Fishbones can improve recovery rates from these wells by up to 50%.
We also have a number of contracts in the pipeline, which will see an expansion of our capabilities across a variety of geographies. We are looking forward to announcing further details in the coming weeks and months.
We continue our global expansion and have entered three cooperating agreements during first half of 2021.
We are pleased to be renewing our focus in Brazil, the largest offshore market in the world. To support this, we welcomed Ricardo Aboud Consultancy to represent Fishbones in Brazil. Ricardo is a seasoned executive and engineer with extensive national and international experience, who will be helping operators in Brazil to overcome their challenges using our unique stimulation and completion technology.
We are also pleased to have entered an agreement with Oilfield Production Enhancement Consulting Services (OPECS) LTD for representation in the UK, Algeria and Romania. OPECS is an experienced company based in Aberdeen UK which aims to provide best in class technical, operational and commercial consulting services for operators looking to increase their production and value of their assets through reservoir stimulation.
Finally, we have increased our footprint in China with an agreement with Anton Oilfield Services for representation in a selection of key onshore PetroChina oilfields.
We are continuously developing new technologies and have over the past six months made significant progress in the ongoing 5 Joint Industry Projects (JIP) we have with our valuable partners. Stay tuned for updates as these technologies are being launched to the market.
We have over the past few months received feedback from several customers on excellent production results exceeding expectations following Fishbones installations. This goes for both onshore and offshore carbonate reservoirs in the Middle East and in sandstone and basement reservoirs in the North Sea. In parallel, we are preparing for more successes and have been busy preparing for the first deployment in Mexico, which will take place in the second half of 2021, and for additional installations offshore Norway and in the Middle East.
In March, we hosted a webinar giving those in attendance a different experience from the norm, providing them with an immersive tour of our facility, followed by a mixture of interviews and presentations on Fishbones experiences and plans by three different operators. With more than 150 virtual attendees taking part during the two sessions, it was an approach that worked, and we were delighted with the positive feedback we received from attendees.
As well as these presentations, we selected several case studies to illustrate some examples where Fishbones technology increased production and reduced cost.
And last but not least, a note from our CEO, Eirik Renli:
“As we enter summer, I am proud to look back on our successes over the last six months. While the impact of Covid-19 continues to affect all of us in both our personal and professional lives, I am pleased to say that Fishbones continues to weather the storm.
“We are creating the next generation of well stimulation technology for the global oil and gas industry and the interest in our solutions and services continues to increase at pace.”
While it would be foolish to suggest that the next six months won’t be challenging for all of those operating in the sector, we look forward to continuing the good work seen over the first half of 2021.