Red Spider Secures Major Offshore Deal

Red Spider has completed its biggest-ever deal with work valued at £1.5million to supply new products for well completion operations. The agreement involves Red Spider supplying eRED-FB products, with deployment scheduled for this Summer in the UK North Sea. The eRED-FBs will be used for a series of subsea dual ESP (Electric Submersible Pump) wells and will allow the removal of all wireline runs from the completions operations.

Red Spider's UK Sales Manager Andy Skinner said: "We are very excited about the technology and believe it takes our ROCT products to the next level, offering unparalleled savings and risk reduction." eRED, Red Spider's first tool to use its patented ROCT for remotely operating downhole valves, has been used by more than 20 operators resulting in significant risk reduction and maximising production time by removing wireline runs from operations. The technology is on its way to becoming the industry standard solution for various downhole applications.

The valve has allowed major operators to save more than £300,000 during a single subsea completion operation, typically reducing slickline runs from eight to one. In deepwater workover operations, savings of up to 36 hours and £500,000 have also been recorded in a single job, as well as major reductions in risk. It quickly became apparent from the eRED's continuing success that there were other potential applications for ROCT in the completion of wells. Further customer requests led to nearly £2million of investment and over two years of extensive research and development work, which has resulted in products including the eRED-FB.

eRED-FB valves provide a downhole barrier that can be opened and closed by remote command, allowing the tubing integrity to be tested without using conventional plug and prong equipment. This eliminates the need to deploy traditional wireline methods which results in the following benefits:

* removing the requirement for rigging-up and rigging-down wireline units
* speeding up operations
* reducing risk to personnel and equipment
* reducing the risk of exposure to bad weather
* delivering savings of between 32 to 38 hours (£400,000 to £500,000)