2TD Drilling AS was established in 2008 by five Norwegian entrepreneurs from Stavanger and Kristiansand with long oil industry experience. They have over the past two decades build up oil technology companies which today employ several hundred people in the oil & gas industry.
The first 2TD product will be an electro-mechanical rotary steerable drilling tool (RSS), targeting the large and expanding directional drilling market, both on- and offshore. The new RSS design is patent pending, and is aimed at combining lower operational costs with improved maneuverability down-hole, improved borehole quality and reduced non-productive time associated with tool failure.
Energy Ventures has an established track record in supporting the development of drilling technology for the oil and gas industry. Through its fund Energy Venture IV, EV will invest up to NOK 57 million in the development of 2TD’s technologies.
“It is 2TD´s ambition to become a leading independent supplier of advanced drilling tools for the oil and gas industry. We believe that we have a highly innovative and unique design for the first product that will allow us to rapidly gain market share. By making this investment Energy Ventures not only provides funds to secure successful commercialization, but also offers a wealth of experience to support both product development and our marketing strategy” says Tom Fedog – Chairman and co-founder of 2TD Drilling. “We are also grateful to Innovasjon Norge and Forskningsrådet who have supported the early development of 2TD’s technology, and we hope that they will continue to be involved as we head towards the commercialization phase.”
“Energy Ventures has looked long and hard for an investment in rotary steerable technology that has the capability to transform the directional drilling market. We believe that 2TD’s technology can do just this” said Helge Tveit, Partner at Energy Ventures. “Without directional drilling the US Shale drilling boom would never have happened. And it is not just shale that is driving the rapid growth in demand for directional drilling. Oil and Gas companies everywhere are pursuing a highly successful strategy of drilling fewer but longer horizontal wells to achieve the same reserves additions at lower overall cost. Such wells can only be drilled with directional drilling equipment.”
With this transaction Helge Tveit and Anoop Poddar from Energy Ventures will join 2TD´s Board of Directors, and Tom Fedog will assume the position of Chairman of the Board. Other Board members will be Stig Bakke and Børge Kolstad.
About 2TD Drilling
2TD Drilling (formerly known as Tuteedee) was established in 2008 by five entrepreneurs; Tom Fedog, Per Olav Haughom, Børge Kolstad, Tore Kvalvik and Erik Zachariasen. Since then the team of entrepreneurs has expanded to include Stig Bakke and Aslak Malmin as the technology has matured. Several patents are pending. The company is based at Ålgård near Stavanger, Norway. Shona Grant was recently appointed Managing Director. More information can be found on www.2TD.com.
About Energy Ventures
Energy Ventures is a leading global venture capital firm providing capital to high growth oil and gas technology companies. The firm manages and advises four oil and gas venture funds with a combined capital base of USD 750 million. Energy Ventures is headquartered in Stavanger, Norway with offices in Aberdeen, UK and Houston, US. More information on Energy Ventures can be found on www.energyventures.no
For further information, please contact:
Energy Ventures AS - Helge Tveit,
phone: +47 51 84 12 82 - e-mail: firstname.lastname@example.org
2TD Drilling AS - Tom Fedog, Chairman,
mob: +47 915 66262 - email: email@example.com
2TD Drilling AS - Shona Grant, Managing Director,
mob: +47 455 015 76 - email: shona@2TD.no
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