HydraWell signs contract with Chevron for plug and abandonment services

21 June 2018 – HydraWell has signed a contract with Chevron North Sea Limited for the provision of equipment and personnel for plug and abandonment (P&A) services on the UK continental shelf. The contract is valid for three years, with two additional one-year options (3+1+1).

HydraWell will provide support out of its office and operational hub in Aberdeen, UK.

HydraWell high pressure PWC® (Perforate, Wash and Cement) jetting system can plug and abandon, or complete annulus remediation work as required.

The key benefit of the PWC® jetting system is that it can install a rock-to-rock barrier, in line with UK regulatory requirements, in less than two days. In comparison, traditional methods such as section milling can often take 10-14 days.

“This technology can help significantly reduce the cost of plugging operations compared with traditional methods. The cost and increased benefits of using this innovative technology has seen a rise in the number of operators choosing the PWC® method when abandoning or restoring the integrity of hydrocarbon wells, which is encouraging”, said Mark Sørheim, CEO of HydraWell.

To date, 16 operators – including major, national and independent oil companies – have utilised the PWC® technology, installing close to 250 plugs worldwide.

HydraWell is jointly owned by the company’s management and private equity fund Norvestor VII, L.P., which is advised by Norvestor Equity AS – a leading private equity firm focusing on lower mid-market control investments in the Nordic region. HydraWell’s headquarter is based in Stavanger, Norway, with additional offices in Aberdeen, UK, and Abu Dhabi, UAE.

PHOTO CREDIT: CHEVRON NORTH SEA LIMITED

ENDS
For media information, please contact:
Endre Aaberg Johansen, Corporate Communications AS, tel: +47 41 61 06 05, email: endre.johansen@corpcom.no