Futuretec, whose innovative technology delivers major benefits in
the construction of oil and gas wells, has secured venture capital
funding of GBP 4 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, Middle East
and Continental Europe.
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
About Futuretec
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.
www.futuretec-ltd.com
About Scottish Equity Partners (SEP)
SEP is a leading European venture capital firm based in Glasgow
and London. The investment team has backed and built world-class
companies in the information technology, healthcare and energy-related
technology sectors. SEP, which was recently named Venture Capital Firm
of the Year, previously co-invested with Energy Ventures in energy
services company MTEM which was sold for $275 million to Petroleum
Geo-Services (ASA:PGS) (OSE. MTEM was recently named Venture Capital
Technology Exit of the Year. SEP´s portfolio includes several
leading-edge energy services company ArkEx and battery technology
specialist Atraverda.
www.sep.co.uk
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 Stavanger, Aberdeen
and Houston. Target companies are located in the North Sea and North
America with significant international potential. Investment drivers
include new technologies and their application to enhance performance,
raise productivity, reduce cost and open new markets.
www.energyventures.no