Fresh seven-figure investment for Aberdeen-headquartered Deep Casing Tools
Aberdeen-headquartered Deep Casing Tools (DCT) has secured fresh seven-figure investment as it looks to bring new technologies to the market.
The oil and gas technology development firm has attracted investment of £1.6 million from Scottish Enterprise and DCT’s long-term backer, EV Private Equity, which will help it build on its global success of the last two years.
Funding will support the company’s research and development plans to commercialise further innovations that will allow oil and gas operators to develop assets “safer and more efficiently”.
In recent years, DCT has experienced strong growth having reported a 120 per cent turnover increase in 2019 after it expanded its footprint in key international regions and secured major agreements, including a five-year contract with Saudi Aramco. This growth was driven by investment from EV Private Equity in 2018.
DCT chief executive David Stephenson said: “It is highly encouraging to secure the backing of Scottish Enterprise, and continued support from EV Private Equity, who share our vision for DCT’s future global growth and continued innovation.
“As the global energy industry focuses on achieving ambitious net zero targets, innovative downhole technologies that can unlock greater efficiencies and value, and ultimately help to reduce emissions, have never been more important.”
Meanwhile, Cairn Energy, the Edinburgh-headquartered oil and gas exploration and development group, said that full-year oil production from its Catcher and Kraken North Sea fields was in line with guidance.
Chief executive Simon Thomson told investors: “Cairn enters 2021 with balance sheet strength and financial flexibility. The company is well-positioned to be opportunistic in the current market as it seeks to diversify and grow its production base.”