Red Spider Limited, a Westhill, Aberdeen, UK-based company supplier of downhole products and services to the global oil and gas industry, has received a £7.5m equity investment from Energy Ventures and Simmons Parallel Energy Fund.
The proceeds from the investment will be used to both accelerate the internationalisation of the existing Red Spider business and complete the commercialisation and roll out of Red Spiders’ Remote Open Close Well Intervention and Completion Technologies, which enables remote actuation of downhole valves without the need for well intervention or control lines.
eRED (Electronic Remote Equalising Device), the first tool to use the technology for pressure testing applications has already gained the confidence of E&P customers in both UK and Norwegian sectors and is seeing strong interest from international customers.
Building on the success of eRED, Red Spider is developing further downhole applications using this technology.
Established in 2003, the company currently employs almost 50 people and intends to include an additional 10 people in 2010.