Red Spider Secures Offshore Order

(Press Release)
Wednesday, March 07, 2012

Red Spider, the Remote Open Close Technology specialist, 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.
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 maximizing production time by removing wireline runs from operations.
The valve has allowed major operators to save more than £300,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. 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 new 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.

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