Gulf Marine Services posts sold earnings from oil and gas support fleet in Arabian Gulf amid expansions
Gulf Marine Services Plc, the Abu Dhabi company listed on the London Stock Exchange and which has offices in the oil and gas and LNG producing nations of the Arabian Gulf for its offshore support vessel fleet, reported solid annual profits and revenues.
LNG emirate Abu Dhabi and Italian energy company Eni reveal hopes for fast-track natural gas output
Abu Dhabi National Oil Company, the owner of the Das Island LNG plant in the United Arab Emirates and Italian oil and gas company and LNG project developer Eni, plan to explore further opportunities to increase worldwide natural gas supply security.
Saudi venture capital firm takes stake in UK company offering upstream technology for LNG, oil and storage
Alturki Ventures, the venture capital arm of Saudi Arabia's Alturki Holding, has provided a significant capital investment in Acoustic Data, a UK-based firm whose technology is cutting-edge for the increasing pipeline of upstream oil, gas and storage projects to meet a rebound in demand.
“The investment will be used to scale global deployments of its retrofittable and cutting-edge acoustic telemetry solutions that deliver real-time data from downhole to desktop, enabling remote optimisation of oil and gas wells and subsurface energy storage,” said a statement.
“We are extremely excited about the growth potential that our investment provides Acoustic Data,” said Rami Alturki, President and Chief Executive of Alturki Holding.
“It’s a technology business with patented downhole solutions that will provide true in-Kingdom value and maximisation of oil and gas production for our customers,” stated Alturki.
Acoustic Data was founded in 2012 and is headquartered in Woking in southern England.
The statement noted that Acoustic Data’s SonicGauge™ is used throughout the entire lifecycle of a well, from drill stem testing surface readout and production optimisation to barrier integrity monitoring and abandonment programmes.
Intelligent completions
It added that the duplex SonicSync™ Command+Control Platform provides third-party downhole equipment providers with a communication system to remotely activate tools in intelligent completions and drill stem testing operations.
“Our team has deployed the SonicGauge in many global markets and applications from brownfield optimisation in Asia-Pacific to underground gas storage in Continental Europe,” said Jesse Tolley, Chief Commercial Officer of Acoustic Data.
“Alturki's capital, technical know-how, and growth mindset will allow Acoustic Data to capitalise on a substantial opportunity to instrument and digitalise Saudi Arabia’s well stock,” added Tolley.
Corey Campbell, Director of Operations at Sawafi, an Alturki Holding subsidiary, is impressed with the UK firm’s technology offering.
“Acoustic Data’s portfolio allows operators to apply a proven communication protocol across multiple disciplines,” he explained.
“We are excited to explore technology synergies and expect collaboration to bring new optimisation and control mechanisms to subsurface assets worldwide,” stated Campbell.
Alturki Ventures has as its role identifying unique investment opportunities which can help technology development and digital transformation efforts.
The firm has a growing portfolio in the Middle East, Europe and the Americas, comprised of companies that are changing the Upstream oil and gas services sectors and other industries.
