**Ace Well Technology Experiences 300% Growth in Western Hemisphere with Well Completion Products**
Ace Well Technology (AWT) has achieved impressive growth in the Western hemisphere, with a nearly 300% increase in business over the past year. This growth can be attributed to the success of its well completion product portfolio in the region.
AWT’s well completion and casing centralization portfolio, which includes the Ace Splice Carrier, Ace Tracer Carrier, and Ace Ratchet Collar, has made significant progress in the Americas. Sales of these products in the Western Hemisphere have tripled from 2022 to 2023, driven primarily by the high demand witnessed in the Brazilian offshore market.
The company’s total revenue has doubled year-on-year from 2022 to 2023, largely due to substantial increases in both the well construction and completion portfolios on a global scale. AWT has expanded its reach, now delivering its products in 40 countries, a significant increase compared to the 30 countries in 2022.
Espen Sørbø, CEO of AWT, expressed his satisfaction with the company’s progress, stating, “Having developed our entire well completion portfolio over the past 10 years, we now see our commercialization efforts coming to fruition with massive demand in new markets for Ace. We are happy to see that our focus on tools that are simple, cost-effective, and easy to install give us a considerable edge when operators choose suppliers.”
To prepare for future growth, AWT is committed to expanding its workforce by 30-40% next year and strengthening its sales representation in emerging markets. The company is also focused on research and development, with efforts concentrated on the completion of the fully automated version of the ACLC. This product aims to reduce high-risk work on the drill floor and is scheduled for commercialization during the second half of 2024 in collaboration with two major operators.
Ace Well Technology’s success in the Western hemisphere is a testament to its dedication to developing innovative and reliable well completion products. With its continued focus on expansion and technological advancements, AWT is well-positioned to capitalize on emerging opportunities in the industry.
Analyst comment
As an analyst, I would evaluate this news as positive. Ace Well Technology’s 300% growth in the Western hemisphere and doubled revenue indicate strong performance. The company’s well completion products have seen high demand, particularly in the Brazilian offshore market. To capitalize on emerging opportunities, AWT plans to expand its workforce, strengthen sales representation, and invest in research and development. With a focus on innovation and expansion, AWT is well-positioned for future success in the industry.
