A Norwegian-based firm specialising in maximising the recovery of oil and gas reserves, and which recently opened its first UK base in Aberdeenshire, has reported a “significant” increase in revenue and staff numbers.
FourPhase, which also has an office in Bergen, saw a 76 per cent year-on-year revenue increase between 2017 and 2018. It also grew its workforce by 12 to 52.
The business was founded in January 2012, has been active in the UK market since 2015, and earlier this year opened an office in Westhill in the North-east, which currently has seven employees. Further hiring is expected later in 2019.
It is a portfolio company of EV Private Equity, a global oil and gas specialist investor with offices in Stavanger and Houston plus the Granite City. EV has made more than 50 investments across multiple oilfield segments, in the likes of Deep Casing Tools and Aquaterra Energy.
FourPhase says its patented solids removal systems help operators boost production, while reducing the cost per barrel. It adds that its products continue to enable operators worldwide to continuously tune well performance, turning the management of solids – such as sand – into a critical factor for improved oil recovery and reducing the unit operating cost.
Chief executive Øyvind Heradstveit described 2018 as “a year of growth and considerable activity as we help our customers realise full potential implementing our technology and digital monitoring tools”.
He also hailed the firm’s strategy to grow intervention operations and up the number of permanently installed production systems globally.
“Over the past year we have increased our international presence in the UK, Malaysia, Oman, Trinidad and we’re now about to enter the US, delivering significant sales growth and a positive bottom-line performance.
He also sees 2019 as “shaping up to be equally exciting”, stating: “We look forward to introducing new digital tools for managing solids and understanding reservoir behaviour. With new facilities in both Bergen and Aberdeen, an efficient supply chain and a stronger team than ever, we will continue to deliver outstanding solids removal technology to the market.”