Oil and gas investors have ploughed £600,000 into new company Well-SENSE Technology, which has set up shop in an incubator unit in Dyce, Aberdeen.
The cash injection for Well-SENSE was from FrontRow Investment Management, a Granite City-based group of upstream industry experts who put money into oil and gas businesses alongside other investors.
Well-SENSE was founded by customer solutions and support director Paul Higginson and technology director Dan Purkis.
The firm specialises in downhole services for the oil and gas industry, handling projects from the drilling phase right through to decommissioning.
Mr Higginson has worked in the completions and intervention sector since the mid-90s, honing his experience in engineering, operations and project management.
He has also worked in many different parts of the world, including Africa, America, Russia, the Middle East and Far East, helping to introduce new technology to overseas markets.
Mr Purkis’ first professional job was designing subsea acoustic systems for both the Australian navy and oil and gas industry.
He then joined Petroleum Engineering Services, which was acquired by Halliburton and became Aberdeen-based well completions specialist WellDynamics.
The new investment in Well-Sense is expected to help the firm draw from the growing pool of expertise in FrontRow portfolio companies including Romar International, ELectro-Flow Controls, C.R. Encapsulation, HCS Control Systems, Interventek Subsea Engineering and Well-Centric Oilfield Services.
Mr Purkis said: “Securing venture from such a credible investment and operating partner is a great achievement for us at this stage and being able to draw on its resources and associated companies will be of real benefit.
“We are currently developing a number of bespoke and high-end technologies which will enable customers to perform operations more efficiently in a low oil price environment. We firmly believe there is a real gap in the market for our expertise.”
Stuart Ferguson, one of the team behind Front Row, said: “We are delighted to support Well-SENSE in its product development and growth as we see real potential for the company.
“The leadership team is of an excellent calibre, having previously developed the world’s first intelligent completion, possessing experience of implementing new technology to global markets and a pedigree in progressing businesses which have since been acquired by leading oil and gas service companies. We look forward to a successful relationship.”
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