Reelwell AS has secured a strategic equity investment from Odfjell Technology, which has acquired a 10% stake in the company. The investment will support the continued growth and advancement of Reelwell’s DualLink digital pipe technology.
As part of this agreement, the existing collaboration between Reelwell and Odfjell Technology has been extended for five years, with the option to extend for an additional five one-year terms. This partnership aims to combine Reelwell’s DualLink digital platform and modem capabilities with Odfjell Technology’s offshore expertise in equipment deployment, maintenance, and logistics.
Earlier in the year, Reelwell announced a multi-year contract with Vår Energi ASA for the provision of its DualLink-powered digital drill pipe technology. This marked the first collaboration under the cooperation agreement between the two firms. Manufacturing and assembly are currently in progress at Reelwell’s Sola facility, with project execution scheduled to begin in late 2025. Under this contract, Reelwell will oversee the complete delivery of the DualLink technology, while Odfjell Technology will supply the required drill pipe components and accessories and manage various maintenance aspects.
Jørgen Peter Rasmussen, Executive Chairman of Reelwell, stated, "We welcome Odfjell Technology to our investor group as a strong industrial partner, and I am pleased to welcome Elisabeth Haram as a new Non-Executive Director on our board. Reelwell and Odfjell Technology will work closely together to deliver DualLink services to our clients. This is great news for the industry."
Elisabeth Haram, Executive Vice President Well Services at Odfjell Technology, added: “We look forward to working closely with Reelwell to enhance sustainable drilling practices and expand the use of DualLink across new markets.”
