Odfjell Technology and Reelwell Announce Strategic Cooperation to Increase Drilling Efficiency with Dual Link Digital Pipe Technology

16 Dec 2024 15:05 CET

Odfjell Technology, a trusted global provider of well services, has entered a
strategic cooperation agreement with Reelwell, a Norwegian technology company
specialising in well construction and intervention solutions. This partnership
introduces Dual Link, an innovative digital pipe technology designed to
integrate real-time telemetry, wellbore power solutions, and advanced data
analytics, setting new standards for drilling efficiency and well intervention.

The Dual Link system represents a significant technological leap for wired and
powered drill pipe. Combining Reelwell’s advanced data platform with Odfjell
Technology’s extensive offshore experience, the collaboration aims to redefine
safety, efficiency, well placement and operational performance in the industry.
Odfjell Technology will own and operate the equipment offshore, ensuring
seamless deployment, maintenance, and logistics, while Reelwell provides the
digital platform, advanced modems enabling real-time data and downhole power,
and analytics for optimised decision-making.

Advancing Drilling Technology and Efficiency

“By combining Reelwell’s Dual Link system with our decades of operational
expertise, we are advancing drilling efficiency and technology to meet the
industry’s evolving needs,” said Elisabeth Haram, EVP Well Services at Odfjell
Technology. “This partnership strengthens our ability to deliver safe,
efficient, and innovative solutions for our clients worldwide.”

Jorgen Peter Rasmussen, Chairman of Reelwell, commented: “Partnering with
Odfjell Technology enables us to scale our Dual Link technology to new markets
while ensuring operational excellence. Together, we will empower clients with
real-time insights that drive informed, data-driven decisions, optimise well
performance, and for the first time provide power to the Bottom Hole Assembly
from the surface unit.”

Expanding Capabilities with a Strategic Vision

This cooperation builds on Odfjell Technology’s successful track record with
digital pipe technology in the North Sea, including operations on the Deepsea
Nordkapp, Deepsea Atlantic, and Deepsea Aberdeen. Recognising the need for more
integrated and efficient drilling solutions, discussions with Reelwell began
three years ago. Since then, Reelwell has significantly advanced Dual Link,
offering a second viable option in the digital pipe market.

The agreement, signed on December 9, 2024, spans four years, with options for
annual extensions. It grants Odfjell Technology the “first right of refusal” for
the North Sea market, with evaluations every six months to adapt target markets
based on activity levels. Odfjell Technology will also invest in equipment and
infrastructure under this agreement, supporting the deployment of powered
equipment for enhanced services.

The introduction of Dual Link not only enhances operational efficiency but also
brings unique capabilities, including simultaneous signal and power delivery to
operations. This partnership is a significant step forward in expanding the
digital pipe segment, offering cutting-edge solutions that improve safety,
reduce costs, and optimise well performance globally.

About Odfjell Technology's Well Services: With over 50 years of experience,
Odfjell Technology is an integrated supplier of offshore operations, well
services technology and engineering solutions, delivering safe, efficient, and
sustainable operations, reducing time, cost, and carbon emissions.

About Reelwell: Reelwell is an innovative technology company focused on well
construction and well intervention solutions. Its flagship product, the Dual
Link digital pipe system, integrates real-time telemetry and wellbore power to
deliver unparalleled operational control. Reelwell’s technologies are designed
to enhance safety, efficiency, reduce climate footprint and enhance
cost-effectiveness in the oil and gas industry.

For further queries, please contact:

Gillian Basson, Corporate Secretary
+44 (0) 7796 547 889
gbas@odfjelltechnology.com

and/or

Gert Haugland, SVP Finance & Investor Relations
+47 92661638
gjha@odfjelltechnology.com

Aberdeen, United Kingdom
16 December 2024
Odfjell Technology Ltd

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