The UK’s Odfjell Technology, a spin-off of Odfjell Drilling, has purchased a 10% stake in a Norwegian well construction and well intervention solutions provider, supporting the firm’s digital pipe technology.
Odfjell Technology made a strategic equity investment in Reelwell, purchasing a 10% stake in the company for NOK 40 million (around $3.8 million), which will be used to grow and develop the Norwegian company’s DualLink digital pipe technology.
In addition to this, the companies extended their cooperation agreement to five years, with options for five additional one-year extensions.
Reelwell said that the goal of the partnership was to deliver synergies between its DualLink digital platform and modems with Odfjell Technology’s extensive offshore expertise in equipment deployment, maintenance, and logistics.
Jørgen Peter Rasmussen , Executive Chairman of Reelwell, said: “We welcome Odfjell Technology to our investor group as a strong industrial partner, and I am pleased to welcome Elisabeth Haram as a new Non-Executive Director on our board. Reelwell and Odfjell Technology will work closely together to deliver DualLink services to our clients. This is great news for the industry. “
In January, Reelwell announced the contract award from compatriot oil and gas player Vår Energi for the delivery of DualLink, with Odfjell Technology acting as its strategic partner, representing the first collaboration under the cooperation agreement between the parties.
Manufacturing and assembly are underway at Reelwell’s facilities in Sola, with the project set to get underway later in 2025.
Reelwell is responsible for the overall delivery of the contract, while Odfjell Technology will provide all the necessary drill pipe components and accessories and oversee the many maintenance requirements.