Tendeka, the completions technology provider, today announces the acquisition of the Middle East based advanced completion company Flotech, which provides unique sand face completion technologies including a full suite of Inflow Control Devices (ICD's) along with isolation packers.
The acquisition complements the existing Tendeka family technologies which combine digital monitoring solutions provider, Sensornet, swellable elastomers experts, Swellfix, and wireless well communication and downhole instrumentation specialists, Well Technology. The company's aim is to consolidate specialist solutions for increased efficiency in well completions and production. The Flotech acquisition represents the next step in the strategy of providing customers with enhanced integrated production optimisation solutions.
Chairman of Tendeka, Martin Perry, commented: "The addition of Flotech to Tendeka is a significant strategic step in broadening the high value completion technologies which the group can provide."
CEO of Tendeka, Neale Carter, added: "Flotech will prove a major contributing factor in the growth of Tendeka's products and services. Flotech is a creative company and will provide a step change in value from our existing completion portfolio. By adding Flotech to the Tendeka family of products we look forward to supplying our customers with enhanced completion and production optimization solutions."
Chairman of Flotech, Faisal Al Shoaibi, commented, "Flotech joining Tendeka is a natural and logical evolution for the company. This follows a successful incubation through to full commercialization of the Flotech product range by the founders in association with the Shoaibi Group. I believe the transaction with Tendeka gives Flotech an ideal platform it can build upon to aggressively expand its geographical footprint and for Flotech to achieve its full potential."
CEO of Flotech, Giovanni Salerno, said "Flotech adds further world class reservoir optimisation solutions to the Tendeka family, not only through the addition of our sand face completion technologies but also through our highly experienced personnel. We look forward to becoming part of Tendeka's portfolio of technology driven solutions."
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Tendeka
Tendeka is the parent organisation of a family of leading technology companies serving the oil and gas industry.
The Tendeka family technologies are used by a growing number of operators every day to reduce uncertainty and improve efficiency. With multiple game-changing patents and innovative and value added completion technologies, the family is home to a number of field-proven innovations such as swelling elastomers, wireless communication systems and digital monitoring solutions. Tendeka represents a strong business platform that will help these technologies continue to meet changing customer needs into the future.
With a combined workforce of 100 professionals, Tendeka's presence brings each company the support and reliability of being part of a larger group. There will also be the increased opportunities and synergies that result from the sharing of business resources, processes and strategy across the board.
With a network of 18 offices in international locations that mirror our customers' operations, Tendeka companies are active in all of the world's oil-producing regions, and the family is well-positioned for future growth. www.tendeka.com
Flotech
Flotech is an innovative completion company with proprietary technologies. The Company's vision is to improve petroleum well efficiency through reservoir completion products, which combine design simplicity with superior performance. Flotech is based in Bahrain and is committed to serving the needs of both International Oil Companies (IOC's) and National Oil Companies (NOC's).
For more information, please contact:
Andrew Bradshaw Fifth Ring, PR account director
Tel: +44 1463 717 103
Email: andrew@fifthring.com
© Press Release 2009
