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Aberdeen oil and gas services firm gets £3.5 million BGF investment

Aberdeen oil and gas services firm gets £3.5 million BGF investment

 

Aberdeen-based oil and gas services firm isol8 has received a £3.5m investment from BGF to support its long-term growth plans, including doubling staff numbers during the next 12 months.

The funding will also be used to develop its zero-emissions product portfolio and expand services into the wellbore construction sector.

The company's wellbore barrier technology supports the UK Government’s ambition to drive down global methane and carbon dioxide emissions, while reducing decommissioning costs for energy firms.

Isol8 claims to be the only company in the world known to use underwater soldering to create metallurgically-bonded alloy barriers to seal off oil and gas wells.

Chief executive Andrew Loudon 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.”

Founded in Aberdeen in 2017, isol8’s UK team of seven has around 170 years of oilfield experience between them. It also has another research and development team of four based out of Port Townsend in Washington State.

As part of the transaction, BGF investor Richard Pugh will join the board of isol8 as an investor director, alongside newly-appointed independent director Nigel Avern; the former chief executive of Peak Well Systems.

Pugh said: “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.”

Read the latest issue of the OGV Energy magazine HERE.

Published: 23-09-2021

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