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EXCEED set for record revenue in 2023

EXCEED set for record revenue in 2023

 

  • Annual revenue forecast at £30million
  • 40% of revenue from decarbonisation activity
  • Major global framework agreements announced
  • Company headcount increases by 150% in two years

Exceed, UK Well Operator, has grown to be the largest independent well & reservoir management specialist, announcing that it expects to see record-breaking revenues for the current financial year, as it continues to illustrate the criticality of its capabilities in leading a sustainable energy transition.

The company, which currently acts as Well Operator for four clients, will report an annual revenue in the region of £30million, 40% of which will be attributed to decarbonisation activity. With over 150 wells decommissioned to date, Exceed’s integrated decommissioning service via LWIV, rig-based, rig-less and CSV is also helping to reduce costs and decom operation carbon footprints.

So far this year, that decommissioning expertise has played a significant role in its clients’ North Sea net zero strategies. Activity includes a 6-well P&A campaign, a late life asset management -decommissioning alliance with a Tier 1 service company and supporting an operator with the development of world first well access technologies for the decommissioning of complex subsea wells. In addition, a second vessel-based well P&A campaign is due to commence next month.

Building upon its reputation for disruptive, collaborative activity, the company’s Subsurface experts have been instrumental in the potential repurpose of the Rough Bravo field for large scale H2 storage. Collaborating with Centrica Energy Storage+, Exceed has provided critical conceptual work and leading geo-mechanic and reservoir modelling in conjunction with a number of universities.

Exceed is proud of the role it plays in its clients’ energy transition, achieved whilst it continues to support the global production industry, with wells operations currently taking place across seven countries.

John Anderson, Commercial Director, comments: “Maximising clients’ economic recovery factor plays a critical role in ensuring the sustainable global energy transition to which we are clearly 100% committed. This includes the recent award of two major global well engineering and managed pressure drilling framework agreements, and HPHT and deepwater operations in frontier producing regions, including Namibia, Romania and Guinea Bissau.

“We’re addressing the energy trilemma of security, affordability and sustainable decarbonisation not only through decommissioning, reuse and repurpose, but also through the application of our world-renowned well engineering and drilling capabilities, which follow a strategy to eliminate or reduce each project’s direct emissions where possible.”

Read the latest issue of the OGV Energy magazine HERE

Published: 28-08-2023

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