Dhahran, Saudi Arabia - Monday, 07. November 2022
The
investment will further enhance Sawafi’s technological capabilities and
support KSA’s technological localization in the upstream sector
Alturki
Holding’s oil & gas subsidiary Sawafi has invested in Vulcan, the
UK based engineered solutions provider for well completion within the
upstream sector. The company offers innovation and application solutions
built to withstand the world’s most demanding wells. The company has
multiple patents & trademarks granted or applied for and continues
to introduce innovative products to the market.
Speaking about
the development, Mr. Rami Alturki, President and CEO, Alturki Holding
and Chairman of Sawafi noted the investment is part of the company’s
technology localization roadmap, which aims to create new capabilities
and opportunities within the Kingdom’s upstream sector.
“As part
of our diversification strategy, we continue investing in new
technology enablers, exploring more markets, and adding new products and
services to our portfolio. Investing in Vulcan will further maximize
the efficiencies of local upstream sector and support the Kingdom’s
leadership in the global energy industry,” he added.
He further
said the localization of Vulcan’s extensive engineering knowledge and
technological prowess within the completions market will support the
Sawafi’s alignment with Aramco’s vision, while equipping it with a more
integrated product offering across the well life cycle, and help
enhancing the company’s R&D capabilities.
Acting in
compliance with Iktva, this investment will improve localization of
focus areas under the initiative such as casing and cementing
accessories; delivering on the Holding’s ambition of driving domestic
value creation to support long-term economic growth and diversification
in the Kingdom.
Mr. Tarek Kachouri, MD Sawafi, said the strategic
investment in Vulcan will strengthen the market position of Sawafi and
further build upon the company’s long-term vision of enhancing the
self-sufficiency of the upstream sector, through local provision of
services and products of the highest global standards.
According
to Mr. Kachouri, Vulcan’s advanced completion products will find high
applicability in the increasingly complex wellbore architecture being
deployed by Aramco to solve arising challenges “Protected by a
comprehensive portfolio of patents, the Vulcan products are technically
differentiated, advanced, and applicable to all types of wells. The
products are well-positioned to capitalize on Aramco’s direction to
drill more complex wells such as offshore gas, HTHP, deviated, and
multi-lateral” he added.
Developing Sawafi’s technical and
R&D capabilities, the investment provides the company access to a
research & development center in Aberdeen, a technology hub for the
Oil & Gas industry. Coupled with Sawafi’s recent acquisition of US
based directional drilling company Newsco, with its R&D center in
Houston, the acquisition of Vulcan expands Sawafi’s R&D footprint to
cover North Amercia, North Sea and Saudi Arabia.
“Connecting the
two energy-driven knowledge bases with Dhahran Techno Valley R&D
facility will empower Sawafi’s technology capabilities and support the
Kingdom’s localization of technology. We are sure the inputs and
assistance from the highly experienced Vulcan management team will also
add to and hugely enhance Sawafi’s technical expertise,” expanded Mr.
Tarek.
Mr. Ian Kirk Vulcan General Manager said: “Vulcan looks
forward to this exciting partnership with Sawafi. Its investment will
help Vulcan fast-track the Company’s growth in keeping with the world’s
demand for energy. Our team has always led the way for the last 30 years
with its unique designs and technology along with professional after
sales service. The Company was founded by a team of industry
professionals with extensive careers specializing in designing and
manufacturing engineered solutions for the completions market within the
global Oil & Gas Industry.”
About Sawafi
Sawafi
Al-Jazeera Oilfield Products and Services Co. Ltd. (“Sawafi”) is a
global leader in upstream technologies. Established in 2013, Sawafi is
backed by the strength and reputation of its parent company, Alturki
Holding Company, one of the top family-owned businesses in the Kingdom
of Saudi Arabia, a premier investor, sustainability pioneer and key
facilitator in the development of modern Saudi Arabia since 1975, with
deep roots as a reliable partner to global oil & gas superpower
Aramco. Sawafi solutions include drilling enhancement, intelligent
completion products, artificial lift products, well characterization and
visualization, well real time survey services, and artificial
intelligence analytics and alerts.
About Vulcan
Vulcan
Completion Products was founded by a team of industry professionals with
extensive careers specializing in designing and manufacturing
engineered solutions for the completions market within the global Oil
& Gas Industry. Together the VCP team has well over a 150 years’
design, manufacturing & application experience and have been
responsible for introducing game changing, innovative, patented products
to the completions market over the past 30 years.
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Contacts
Anas Aljuraifani
Corporate Communications, Sustainability and Strategic Partnerships Director
anas.aljuraifani@alturkiholding.com