Red Spider has invested more than $2.6 million in the last quarter in increasing its fleet of products to ensure it can respond to fierce demand.

The company’s workforce has expanded to 65 already this year following record levels of work utilising its game-changing well technology that can save operators nearly $1million during single operations.

Red Spider, based in a custom-built HQ in Westhill, forecasts a 400% increase in work for eRED and additional new products by 2012, ensuring revenue increases steadily from $15million in 2011 to $32million in 2013.

Red Spider Chief Executive Officer Steve Nicol said: “Once clients have used our remote open close technology and see the benefits for themselves they do not want to return to traditional methods.

“eRED® has been used widely across the North Sea by a host of operators and has brought them multi-million pound savings. It’s becoming the industry standard solution for a range of downhole applications and we are confident the new additions to the product line will be widely welcomed for subsea operations thanks to the savings and reduced risk they offer.’’

Red Spider’s first product eRED® is a downhole computer controlled valve that can be opened and closed by remote control, without the need for wireline intervention equipment, significantly saving time and reducing costs and risk.

The valve has built a reputation for reliability and has allowed North Sea operators to save nearly $1million during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In subsea workover operations savings of up to 41 hours and $800,000 have also been recorded in a single job.

It quickly became apparent from the eRED’s continuing success that there were other potential applications for Remote Open Close Technology in the completion of wells. Further customer requests followed by investment in extensive research and development work has resulted in two new products, PowerBall® and eRED-FB.

PowerBall® is a pioneering reservoir isolation barrier that prevents fluid loss during the upper completion phase of well construction. Its engineered reliability will differentiate it from its competitors, and could potentially save operators up to half a million pounds per operation by delivering major time reductions in subsea operations and significantly enhancing safety.

Tags: Red Spider Technology