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Ardyne wins orders in the North Sea for 175 wells worth more than £45m

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UK fishing, milling and casing recovery provider Ardyne has strengthened its commitment to the North Sea by securing four long-term contracts for work on 175 wells with potentially more to follow.

Ardyne has won three contracts ranging from three to five years with major operators for fishing, P&A and inner string conductor recovery on 103 wells in the UK and Norwegian sectors, establishing the company as a full service P&A and fishing services provider in the region. The projects will commence in the second and third quarters of this year.

Ardyne has also agreed a contract with a major Norwegian operator for fishing and slot recovery services for 72 wells. The campaign will begin in the third quarter of this year and will run for approximately four years.

The recent contract wins follow the decision last year by Ardyne to implement a strategic pivot from being a niche provider to offering full service P&A and slot recovery support, including fishing, milling and casing cut and pull operations.

The North Sea projects will involve the deployment of Ardyne’s innovative TRIDENT single-trip casing retrieval solution, its TITAN single-trip casing cutting hydraulic power system and its DownHole Power Tool. Designed and manufactured in the UK, TRIDENT and TITAN have been run successfully more than 1,200 times each in an increasing number of locations around the world.

Headquartered in Aberdeen with operating facilities in Stavanger and Louisiana, Ardyne currently has more than 90 employees and 56 patent filings. The new contracts will add a small number of additional staff.

Alan Fairweather, Ardyne CEO, said: “The recent contract wins demonstrate our long-term commitment to the North Sea and continued capital investment here, despite challenging times for the industry.

“It also validates our strategic decision to pivot our offering to become a full service fishing, milling and casing recovery provider. That decision was based on a combination of sound commercial sense, technologies that fit the long-term requirements of the market and an adaptable business model that reflects our dynamic growth.

“Key to winning these contracts was the experience of our team in delivering full fishing, milling and casing recovery services, our field-proven technologies and the investment we have made in new, traceable assets that nobody else could match.

“The number of mature assets facing cessation of production in the North Sea is growing and the industry’s commitment to long-term P&A project work will only increase. Although Ardyne is only four years old, as individuals we have many years of experience in serving the P&A sector and our business is perfectly positioned to support future growth.”

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