Futuretec, whose innovative technology delivers major benefits in the construction of oil and gas wells, has secured venture capital funding of £4 million from Scottish Equity Partners and Energy Ventures III LP to support its ambitious global growth strategy.
Futuretec’s products enable clients to achieve impressive results in casing oil and gas wells, reducing risk and maximising operational efficiency for global energy companies.
Technology solutions which deliver enhanced performance in casing operations, are becoming increasingly important against a backdrop of record high oil prices and rising drill rig costs, creating a significant opportunity for Futuretec.
The company’s products are targeted at the expanding $5 billion global market for completion technology. Its first commercial product, Turboblade, is being used successfully in the North Sea, Middle East and Continental Europe.
Lance Davis, Chief Executive of Futuretec, said: “Our high quality products are rapidly gaining ground with international clients. We are delighted to have attracted backing from SEP and Energy Ventures who are experienced and highly-regarded investors in the energy technology sector. The new funds will enable us to expand our international sales network for existing products and to complete the development of innovative new casing technologies.”
David Sneddon, a Partner in SEP said: “Futuretec is an exciting new addition to SEP’s energy investment portfolio. It is led by an experienced management team and its products address a growing need for new technology solutions in the global energy sector. Futuretec has achieved a tremendous amount to date and this provides an excellent platform for future growth.”
Leif Andre Skare, a Partner in Energy Ventures said: “Futuretec has a significant opportunity to capitalise on strong international demand. Its first product has proven to be highly effective and has been well-received in the industry. It has a strong pipeline of products under development and a management team with a track record for delivering results. We have every confidence it will achieve its full potential.”
SEP has demonstrated significant expertise in identifying and building world class oilfield technology businesses. It backed MTEM, a specialist in electro-magnetic survey technology which was sold for $275 million in June 2007 and has just been named Venture Capital Deal of the Year.
