By Scott Wright
AN Aberdeen-based oil and gas services firm, focused on cutting the cost of decommissioning activity in the North Sea, is looking to expand its product range after securing a £3.5 million investment deal.
Isol8 said it also plans to increase its headcount by 50 per cent over the next 12 months after receiving the backing from Business Growth Fund. The funding will allow isol8 to develop its zero-emission product portfolio and expand its services into the wellbore construction sector.
Andrew Loudon, chief executive of isol8, said: “Decommissioning is now a huge focus in the North Sea and we’re partnering with clients to help them significantly reduce their asset retirement costs.
“Now, with the support of BGF, we are in a strong position to broaden our zero-emission product portfolio and accelerate the production of new products, including our casing annulus packers and tubing packers for well construction.
“The BGF team fully understands and supports our vision, and their expertise and business knowledge will be invaluable as we embark on this next chapter together.”
Isol8, which was founded in 2017, currently has a seven-strong UK team who between them have around 170 years of oilfield experience.
BGF investor Richard Pugh will join the board of isol8 as an investor director, alongside new non-executive director, Nigel Avern. Mr Avern is the former chief executive of Peak Well Systems, which was ultimately sold to Schlumberger.
Mr Pugh said: “isol8 has huge potential to use its cutting-edge Fusion technology to generate very large savings in plug and abandonment and intervention operations – both of which are markets where we expect long-term growth and where Aberdeen continues to have world-leading expertise. At the same time, by ensuring a gas-tight seal, Fusion provides the industry with a much lower emission solution than cement, going some way to address the long-term challenge of de-carbonising the sector.”
“This funding round will support an exceptional management team in completing the final push to commercial adoption, working in parallel with a number of operators who have shown real commitment to the technology. We are also delighted that Nigel Avern has joined the board to bring his own experience of building successful energy technology businesses.”
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