Welltec A/S, a market leader in Completion and Intervention within the energy industry, announces the acquisition of Autentik AS, a niche technology provider specializing in electric wireline fishing and interventions.
The acquisition represents a strategic move by Welltec to expand its downhole intervention capabilities and is in line with the company’s vision to cement itself as the number one provider of hi-tech, innovative products and services.
“We have always had an innovative approach to intervention technology. We have remained at the forefront of powered mechanical interventions and continually tried to push the boundaries of what is possible on electric wireline” states Tommy Eikeland, CCO Welltec.
In May 2022, Welltec also acquired a majority holding of another innovative technology startup, Isealate AS, giving Welltec the ability to deliver unique patch solutions for well repair. Now, through the acquisition of Autentik, the company gains game-changing technology focused on well access.
“These recent acquisitions build on that innovation and complement our existing capabilities. Having both Isealate and Autentik located in Stavanger will allow us to build a center of innovation and excellence close one of our key markets. It’s incredibly exciting for the region and also in terms of developing technology that we’ll be able to deliver around the world.”
The recent acquisition of Autentik, also brings a well-established and respectable track record. To date, more than 50 runs have been successfully conducted utilizing the
Wellgrab™ ERFT (Electric Release Fishing Tool) across North America, Europe, Africa, and the Middle East.
Enhanced operations through technology
With the Wellgrab™ ERFT rated to 100,000 lbs. tensile load, it matches perfectly with Welltec’s 100,000 lbs. Well Stroker® tool. This combination enables operators to remotely and repeatedly ‘latch’ and engage with a downhole fish and sustain a pull force of up to 100,000 lbs. which would otherwise not be possible on e-line. In the majority of cases, it is this sustained application of force that provides the ability to free a stuck downhole fish and enables recovery.
These capabilities have already been put to test by multiple international clients. In one instance, a stuck milling bit was retrieved using the fully surface-controllable Wellgrab ERFT and 100K Well Stroker. The engagement length of the fish was only 29mm in this particular case, yet having precise control over the operation with high fidelity meant that the fish could be engaged and retrieved.
Combining proven track records
Autentik has proven its ability to deliver such innovative solutions to its clients, and its expertise – particularly in the downhole fishing domain – will greatly complement Welltec's existing portfolio. With this acquisition, Welltec will be better positioned to serve its clients with the latest technology advancements and solutions.
The current portfolio of services under Autentik already integrates seamlessly with Welltec’s unique solutions – together with Welltec’s manufacturing capabilities, the merger will bring an accelerated technology shift in how to conduct well access operations, safely and efficiently.
"We are excited to welcome Autentik into the Welltec family," says Tommy Eikeland, CCO Welltec. "There is a mutual admiration for innovation and understanding of risk-taking which, to a certain level, is required when developing new technology. We have only respect for the work done to build the company from the ground up. Together with their intervention’s expertise, this will add tremendous value and momentum to our organization and enhance our ability to provide our clients with cutting-edge solutions. We have already performed several jobs together and the advantages we can bring are evident. We look forward to working together to drive further growth and innovation in our industry."
“This partnership will merge Autentik´s true passion for innovation and new solutions to transform wireline interventions together with Welltec´s global reach and market leadership in Completion and Intervention," adds Roy Kristiansen, CEO of Autentik. “This is a historic step in the life of Autentik, and a move that will benefit the clients and partners we work with. We couldn´t ask for a better fit, and we look forward to joining the Welltec team.”
Autentik will operate as a wholly owned subsidiary of Welltec, and its employees will join the Welltec team. The financial terms of the acquisition are not disclosed.
