Shoaibi Group announces its latest investment in Artificial Lift Company
Al Khobar, KSA - Leading Saudi firm, Shoaibi Group, (SG) will invest GBP 2 million (USD 2.8 million) of growth capital, in UK Company based Artificial Lift Company Limited ('ALC'). ALC, a company specialising in the development and delivery of cost effective innovative solutions to the oil and gas industries, will invest the new funds to commercialise its revolutionary rigless Electronic Submersible Pump ('ESP') system globally. The new ESP system will pioneer in rigless deployment capabilities, enabled by a patent portfolio encompassing unique technology designs.
The rigless solution provides operators with significant cost savings by avoiding the need for deploying expensive rigs when retrieving the ESP for motor replacement or repair whilst at the same time minimising costly production down time.
Currently undergoing operator trials, the Shoaibi Group will introduce the innovative solution to the Middle East and North Africa later in 2009.
Mark Jenkins, Director of Shoaibi Group said, "ALC fits very well within the Shoaibi Group investment strategy, namely: strong management, unique game changing technology for the oil and gas industry and a product that can be leveraged through the Shoaibi Group operations in the Middle East and North Africa ("MENA') .
Geoff Kimber Smith, Co-founder & Managing Director of ALC said, "Although representing an attractive investment proposition to several fund investors; Shoaibi Group was the only investor that could combine financial and industry knowledge with on the ground operational support, a vital ingredient for the successful introduction of our solution to the MENA region."
Shoaibi Group ('SG') is a leading Saudi company that actively identifies and invests in innovative technologies that benefit energy providers across the MENA region. SG's expertise in oil and gas services, has led the Group to be able to identify and promote technologies that impact the upstream landscape in the region. The Shoaibi Group of companies has in been in operation for more then 30 years, and encompasses a wide spectrum of global partnerships and agency representations, that mainly cater to the oil and gas sector in Middle East & North Africa.
www.shoaibigroup.com
-Ends-
Artificial Lift Company
Developing and delivering innovative and cost effective artificial lift systems to the oil and gas Industries.
www.alcesp.com
Shoaibi Group Contact:
Mark Jenkins
mark.jenkins@shoaibigroup.com
+ 973 36 712 702
ALC Contact
Geoff Kimber Smith
geoff@alcesp.com
Press Release 2009
