Epi-V initially invested £3.5 million in Norwegian firm i-Tec to fully commercialise its portfolio of highly advanced completion, drilling and intervention products and effectively position them in new international growth markets.
After enhancing the business' management capability, manufacturing capacity, strengthening the supply chain and boosting working capital, i-Tec is now making significant inroads into the growing US shale gas market.
i-Tec create products with far superior performance to incumbent solutions
Background
Established in April 2007, Stavanger-based i-Tec has used proven oilfield technology to develop a suite of specialist equipment designed to reduce demands on the industry's stretched personnel resources and requirements for capital-intensive equipment.
In close cooperation with end users, the business designs and manufactures highly advanced completion, drilling and intervention products which are used by international operators and oil and gas service companies to stimulate and amplify the reservoir and wellbore forces.
i-Tec blends new technology with tried and tested drilling and intervention engineering to create products with far superior performance to incumbent solutions.
The investment
i-Tec was formally part of a Norwegian business incubator focused on developing early stage oil and gas technologies. Epi-V's investment has grown to a majority stake and we've worked extensively with the business by providing the strategic direction required to drive forward its efforts to fully commercialise and market i-Tec's high performance technology.
The strategy
Central to the i-Tec growth strategy is to position the product portfolio as providing huge value creation potential for production operations across the globe.
The business' operational structure and financial controls were enhanced to ensure it could effectively manage the demands of increased sales growth.
Building upon the Norwegian infrastructure, the firm has established sales manufacturing and service facilities in Houston to open up new international sales channels and invested significantly in further developing its manufacturing capability.
Outcomes
i-Tec's product portfolio is generating keen interest from major international service companies and its completion valves are making significant inroads into the growing shale-and complex wells in the US.
Great progress has also been made in establishing the business' i-FRAC valve as a key component of the US shale fracturing/completion market.
i-Tec has a healthy order book and prospects pipeline, underpinned by a significant supply agreements with major service companies.
"The team has worked hard to ensure our technology delivers proven benefits and we brought on board Epi-V at a crucial stage in our development to drive sales growth across the globe.
"By pooling our technical knowledge and industry understanding we're building a successful business which is achieving rapid market penetration with innovative completion technologies."
