FourPhase Bags New Contracts and Extensions
August 22, 2024
FourPhase, a specialist in solids and production performance for the oil and gas industry, announced it has secured three new or extended service contracts with international operators, reinforcing its role in maintaining sand-producing wells.
The company has been awarded an extension of a Solids Management Services contract with a major UK Continental Shelf (UKCS) operator. Originally established in 2022, this contract has been extended for an additional five years, extending it through 2029. The extension is largely attributed to the successful operation of a cyclonic DualFlow desander, which has enabled the operator to revitalize a previously shut-in well, now producing around 1800 barrels of oil equivalent per day (boed). This continued operation supports the platform's goal of achieving a lifting cost of approximately $14 per barrel and opens up possibilities for addressing other wells impacted by sand in the near future.
In addition, FourPhase has been awarded a new three-year contract, with the option for two additional one-year extensions, from another major UKCS operator. Since 2020, FourPhase has provided essential solids removal services to this operator, encompassing both short-term Coiled Tubing (CT) cleanouts and flowback operations, as well as long-term production well applications.
Furthermore, FourPhase is on the verge of finalizing a five-year contract with an independent UK operator with a global presence. This contract will see FourPhase continue its support for CT intervention projects, the long-term desanding of production wells, and the online removal of sand from separators.
FourPhase CEO Øyvind Heradstveit said, "Our new and ongoing contracts with major operators are a testament to the quality of services we provide as we move into a busy Q3/Q4 with activity at an all-time high. We have proven the long-term viability of our desanding solutions. With our rental business model, we provide operators with immediate remediation for sustained production rates, which would be impossible without active sand management. In addition, our systems help lower their carbon emissions.”
